Substitutes

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Answer the discussion questions in 75 to 150 words or more. Use only the attached Chapter 7 and Special Topic 6 for your references.

How does the number of substitutes affect the price elasticity of demand for a product or resource?  

What does a higher number of substitutes mean for the slope of the demand curve?  

What does a smaller number of substitutes mean for the slope of the demand curve?

  

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