Availability of Substitutes

Availability of Substitutes

key to this phrase is the availability of substitutes. A monopoly is a firm producing a product for which there is no close substitute. When Elvis was just getting started, he was just another singer and clubs could hire a cheap substitute and consumers would not care. But with his success, there became fewer substitutes in the minds of consumers.

A lot of consumers have this same thought when they purchase name brand products over generic products. What are your favorite products in which you feel there are no substitutes? Why are they worth the expense to you?

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Availability of Substitutes

Availability of substitutes has influenced the elasticity of demand across the globe (Green, 105). While it may be ideal to have generics in the market due to escalating economy, they may be quite costly. As a diabetic person, I must watch my sodium intake and therefore; salt and sugar are my favorite products which I feel there are no substitutes. Several arguments have been made in an endeavor to justify salt and sugar as having substitutes ………..

APA

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