Why Is Substitution the Key Factor in Determining How Elastic

question 15

Essay

Why is substitution the key factor in determining how elastic or inelastic a demand curve will be? Under what conditions will demand be more elastic?

---

Definitions:

Public Law

A body of law that regulates the relationships between individuals and society, and includes constitutional, administrative, and criminal laws.

Private Law

A branch of law that deals with relationships between individuals, such as contracts, property, and family law, as opposed to public law which deals with relationships between individuals and the state.

Fifth Amendment

A provision in the United States Constitution that guarantees various rights related to legal proceedings, including the right against self-incrimination and double jeopardy, as well as the right to due process.

Self-Incrimination

The act of exposing oneself to prosecution by being forced or voluntarily giving testimony or evidence that would reveal involvement in a crime.