When there are many substitutes available for a particular product, consumers:
A)judge the quality of the substitute product based on the supply of each substitute.
B)perceive individual products to have poor durability.
C)can easily switch from one product to another.
D)are sensitive to changes in the supply of substitute products that belong to new brands.

Question

Quizplus · Accepted Answer

When there are many substitutes available, consumers can easily switch from one product to another. This means that the demand for any one particular product is more elastic, and companies need to ensure that their product stands out from the competition to retain their market share.

When There Are Many Substitutes Available for a Particular Product