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lectur14-page62 - to price changes P P 1 Q 1 Q Demand curve...

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62 The Availability of Substitutes D Price Quantity/unit time If a commodity has FEW substitutes, demand for the commodity will tend to be more inelastic or less responsive
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Unformatted text preview: to price changes. P P 1 Q 1 Q Demand curve will tend to have a very steep slope....
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