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The Smaller the Number of Good Substitutes for a Product

question 197

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The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it.


Definitions:

Printed Messages

Written or illustrated content that is reproduced on paper or other tangible mediums through printing methods.

Effective Design

The creation of visuals, structures, or systems that achieve their intended purpose with efficiency and aesthetic appeal.

Consistency

The quality of maintaining a steady and predictable standard or behavior over a period of time.

Balance

A principle in design and composition striving for a visual or structural harmony among elements within a work or space.

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