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Category: suitable and affordable substitute will encourage consumer to shift to the cheaper price if they are interested in the price. On the contrary if the product is unique or novel

which is an inhibiting factor of an increase in prices.

Substitute products have an adverse effect on the profits of a company that sells patented products. This rivalry can exist among individual or whole industry. Competition from similar substitutes to product constrains the possibility of price with large margins. Existence of similar

Jul 26, 2024

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in suitable and affordable substitute will encourage consumer to shift to the cheaper price if they are interested in the price. On the contrary if the product is unique or novel

elasticity of demand occurs