An increase in the number of available substitutes for a commodity will decrease the price elasticity of demand for the commodity.
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Q5: If consumers expect the price of a
Q6: Consumers find it easier to postpone the
Q7: The arc price elasticity of demand measures
Q8: If a firm is a perfect competitor,
Q9: If a firm is not a perfect
Q11: The long-run price elasticity of demand for
Q12: The cross-price elasticity of demand measures the
Q13: If two goods are very close complements,
Q14: It is likely that the cross-price elasticity
Q15: Estimates of demand elasticities are used by
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