If goods have few close substitutes they will tend to have low price elasticities of demand.

Name: If goods have few close substitutes they will tend to have low price elasticities of demand.
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Question

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Goods with few close substitutes tend to have low price elasticities of demand because consumers have fewer alternatives to switch to if the price of these goods increases, making their demand less sensitive to price changes.

If Goods Have Few Close Substitutes They Will Tend to Have