What is Elasticity of substitution?
'''Elasticity of substitution''' is a [[Measurement|measure]] of how easily something is able to be [[wikt:substitute|substituted]] with something else. It is often used in [[marketing]] and [[economics]]. A product has a low elasticity if it is unable to raise its [[price]] because similar products (substitutes) are available. A product that is unique is able to charge higher prices because there are not as many choices. For example, in a [[fish]] [[market]], there are many fishermen selling many fish. The price is not elastic because there is competition between many suppliers of fish. {{stub}} [[Category:Economics]]