Explain the 'nature of commodity & …
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Yashi Sharma 5 years, 3 months ago
- 1 answers
Test
Related Questions
Posted by Shiv Narayan Kumar 1 year, 4 months ago
- 1 answers
Posted by Charvi Charvi 1 year, 4 months ago
- 0 answers
Posted by Vivek Saroj 1 year, 4 months ago
- 0 answers
Posted by Mahi Bansal 1 year, 4 months ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Meghna Thapar 5 years, 1 month ago
Availability of Substitutes: In general, the more good substitutes there are, the more elastic the demand will be. ... This means that coffee is an elastic good because a small increase in price will cause a large decrease in demand as consumers start buying more tea instead of coffee. It is so because these products are very sensitive to price. For example, if a product has many substitutes, the buyers will shift to one of them as the price of this poduct increases. Thus, the nature of the commodity influences the price elasticity of demand.
0Thank You