All other things being equal, the __________ substitutes for a good, the __________ the price elasticity...
All other things being equal, the __________ substitutes for a good, the __________ the price elasticity of demand.
Homework Answers
As we know that, substitute goods are those goods which are substituted for one another. Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for the substitute goods or substitute good is likely to increase or decline.
The correct option is
(More and higher).
We know that more the substitutes of a good. Higher is the price elasticity of demand.
Hope you got the answer.
Kindly comment for further explanation.
Thanks ?
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All other things being equal, the __________ substitutes for a
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