Question

Goods with close substitutes tend to have more elastic demand because it is easier for consumers to switch from that good to others.​

Answer 1

Answer:

Goods with close substitutes tend to have more elastic demand because it is easier for consumers to switch from that good to others. For example, butter and margarine are easily substitutable. ... The elasticity of demand in any market depends on how we draw the boundaries of the market.

Explanation:

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