Evalute the availability of its substitutes for the product

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Q. Milk is a commodity is it a necessity or a luxury product.Identify the availability of its substitutes for the product.Explain how the necessity of a good and the availability of substitutes impact the elsticity of the product.

Q. Equilibrium quantity in markets characterized by oligopoly are
a. higher than in monopoly markets and higher than in perfectly competitive markets.
b. higher than in monopoly markets and lower than in perfectly competitive markets.
c. lower than in monopoly markets and higher than in perfectly competitive markets.
c. lower than in monopoly markets and lower than in perfectly competitive markets.

Reference no: EM1358057

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Evalute the availability of its substitutes for the product : Milk is a commodity is it a necessity or a luxury product. Evalute the availability of its substitutes for the product. Explain how the necessity of a good and the availability of substitutes impact the elsticity of the product.

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