If There Are Many Close Substitutes Available for a Good

question 105

True/False

If there are many close substitutes available for a good, its elasticity of demand will be higher.

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Definitions:

4 Ps

A marketing model that identifies and optimizes the four key components of marketing strategies: Product, Price, Place, and Promotion.

Business Exists

The state or condition of being actively engaged in a trade or enterprise, often marked by the pursuit of profit.

4 Ps

A framework in marketing that categorizes the mix of Product, Price, Place (distribution), and Promotion strategies.

Customers Reached

The total number of potential or actual customers who come into contact with a particular marketing message or campaign.