How does the number of substitutes affect price elasticity, Microeconomics

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How does the number of substitutes affect price elasticity

Problem

Answer the discussion questions in 75 to 150 words or more.

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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Microeconomics: How does the number of substitutes affect price elasticity

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Microeconomics: How does the number of substitutes affect price elasticity

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