Defend or refute the statement. Write ‘yes’ or ‘no’ with reaso – InterviewSolution

1.	Defend or refute the statement. Write ‘yes’ or ‘no’ with reason:A commodity showing high elasticity of demand often has a large number of close substitutes in the market.
Answer» Yes. Elasticity of demand is high in case of goods with close substitutes. Because availability of close substitutes makes it possible for the consumer to switch from one commodity to the other in response to change in the relative price structure.

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