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प्रश्न
Which of the following correctly describes the relationship between availability of substitutes and price elasticity of demand?
पर्याय
More substitutes lead to elastic demand, while fewer substitutes result in inelastic demand.
Fewer substitutes lead to elastic demand, while more substitutes result in inelastic demand.
The availability of substitutes has no effect on price elasticity of demand.
All goods have the same elasticity regardless of substitutes available.
MCQ
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उत्तर
More substitutes lead to elastic demand, while fewer substitutes result in inelastic demand.
Explanation:
More substitutes allow consumers to switch products easily when prices rise, making demand elastic.
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