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Answer to Question #230573 in Microeconomics for HASNAIN

Question #230573

If value of cross price elasticity is positive then it means there are less close substitutes are available of that product

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Expert's answer
2021-08-31T10:56:56-0400

This situation happens only where we have weak substitutes ,whereby a large increase in the price of one product will lead to only a small increase in demand of it's substitute


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