When there are many substitutes available in the market for a particular product, consumers: Can easily switch from one product to another, making demand more elastic.
What is consumer?
The term “consumer” means purchasing a product or service for the purpose of personal use. The consumer are consume the product and services. The consumer are buying the product and services with exchange of money.
There are similar product, but different brands of goods are available in the market. The substitute the goods are available in the market. The one product demand are increased the consumer are switch the product. For example tea and coffee.
As a result, the demand are more elastic the consumer are easily switch from one product to another.
Learn more about on consumers, here:
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