With an inelastic product, since there are not usually many substitutes, a(n) ________ strategy can be used, setting the prices higher.

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Skimming strategy involves setting a high price for a unique and new product with no or limited competition in the market. In the case of an inelastic product, where there are no or limited substitutes, the seller can use this strategy to increase their profitability. Customers may still purchase the product despite the high price, as they have no other options to choose from.

With an Inelastic Product, Since There Are Not Usually Many