How does the number of substitutes affect price elasticity

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Reference no: EM131844198

Problem

Answer the discussion questions in 75 to 150 words or more.

How does the number of substitutes affect the price elasticity of demand for a product or resource?

What does a higher number of substitutes mean for the slope of the demand curve?

What does a smaller number of substitutes mean for the slope of the demand curve?

Reference no: EM131844198

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