Home ยป Other things equal, if a good has more substitutes, its price elasticity of demand is Demand and Supply MCQs Other things equal, if a good has more substitutes, its price elasticity of demand is September 27, 2022 3 Views Q. Other things equal, if a good has more substitutes, its price elasticity of demand is: LargerSmallerZeroUnity Answer: Larger
The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to