One of the assumptions of free market economics is perfect substitutability. 1. Is it possible to find
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One of the assumptions of free market economics is perfect substitutability.
1. Is it possible to find substitutes for all types of goods and services? Illustrate your answer with examples and a detailed discussion.
2. It has been argued that the assumption of perfect substitutability violates physical laws such as those of thermodynamics. Discuss with the help of examples whether this argument makes sense
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Perfect Substitutability in Free Market Economics The assumption of perfect substitutability in free market economics posits that consumers can replace one good or service with another without any los...View the full answer
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