An In the News article titled "Water, Water Everywhere" refers to the use of advertising. When a firm successfully advertises its product, the price elasticity of demand becomes

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When a firm successfully advertises its product, it creates a perception of uniqueness and differentiation, which reduces the availability of substitute products for consumers. This results in a decrease in the price elasticity of demand, making it less elastic. In other words, consumers become less sensitive to changes in price, making the demand for the product less responsive to changes in pricing.

An in the News Article Titled "Water, Water Everywhere" Refers