Price elasticity of demand tends to be low for goods with few close substitutes.

Name: Price elasticity of demand tends to be low for goods with few close substitutes.
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Question

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Goods with few close substitutes tend to have a low price elasticity of demand because consumers have fewer alternatives to switch to when the price of such goods changes, making their demand less sensitive to price changes.

Price Elasticity of Demand Tends to Be Low for Goods