Yes, this is true. Close substitutes for a good will make the demand for that good more elastic, since consumers can easily switch to a different good if the price of the original good rises.
<h3><u>The Impact of Close Substitutes on Price Elasticity of Demand</u></h3>
The demand for a good with many close substitutes is likely to be relatively elastic. This is because when the price of the good increases, consumers can easily switch to one of the close substitutes, which limits the effect of the price increase on demand.
For instance:
- If the price of a particular brand of cereal rises, consumers may decide to purchase a different brand of cereal as an alternative, rather than paying the higher price.
This ability to switch to a close substitute reduces the impact of the price increase on demand.
Elasticity is an important concept in economics and can be used to understand how prices and demand interact.
- When demand is elastic, an increase in price will cause a large decrease in demand. This is because consumers have the ability to switch to close substitutes, which limits the effect of the price increase.
- On the other hand, when demand is inelastic, an increase in price will cause only a small decrease in demand. In this case, consumers do not have close substitutes available, so they are more likely to continue purchasing the good despite the price increase.
Learn more about <u>Elasticity </u><u>of </u><u>Demand</u> at: brainly.com/question/5078326
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Answer:
T10BASE-T networks require a minimum of Category 3 cable and connection hardware for proper operation.
Explanation:
The characteristics of this cable:
1. Complies with EIA / TIA - 568-B ISO / IEC 11801 Class C
2. 0.51 mm (24 AWG) solid copper conductor
3. PE (Polyethylene) insulation,
4. PVC outer cover,
5. no flame propagator and
6. self-extinguishing.
7. Twisted pair
8. SUITABLE FOR VOICE AND DATA INSTALLATIONS FROM 10Mbps to 16Mbps.
<u>It is suggested to buy the complete coil to change the wiring gradually.
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Answer:
True
Explanation:
People will judge you based upon your non-verbal communication. If your non-verbal communication is bad then you might not get the job.
It’s a pipeline to transport natural gas.
This kind of ability is called rapid elasticity. The resources can be maximized by a consumer to provide wider webs and applications.It can also make the server stop, just to reduce the cost in the process. The flexibility in adapting to needs of a company is an advantage. Rapid elasticity can be done in a public cloud.