The more good substitutes there are for a product, the more likely it is that the total revenue for the good in question would increase as a result of an increase in price.

Question

Quizplus · Accepted Answer

When there are good substitutes for a product, consumers have more options and can easily switch to a similar product if the price of the original product increases. This means that if the price of the original product increases, demand for it may decrease as consumers switch to substitutes, leading to a decrease in total revenue.

The More Good Substitutes There Are for a Product, the More