The more substitutes that exist in a market the more sensitive consumers will be to changes in the price of a particular product. The appropriate response is option C.
A product or service that customers perceive to be substantially the same as or sufficiently comparable to another product is referred to as a replacement, or substitutable good, in economics and consumer theory. A product that may be used in lieu of another is known as a substitute.
A shift in the demand curve for one thing might result from a price change in one of the alternative products in a pair. People will often choose the more affordable of the two products if the price of one item increases, increasing demand for the other product.
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