Demand tends to be more elastic if close substitutes are available, if the good is a luxury

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Demand tends to be more elastic if close substitutes are available, if the good is a luxury rather than a necessity, if the market is narrowly defined, or if buyers have substantial time to react to a price change.

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Principles Of Microeconomics

ISBN: 9780357722862

10th Edition

Authors: N. Gregory Mankiw

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Question Posted: Nov 04, 2024 10:00 AM

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Demand tends to be more elastic if close substitutes are available, if the good is a luxury

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Principles Of Microeconomics

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