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The broader the definition of a good, the easier it is for the good to have a substitute good. On the other hand, a good narrowly defined will be likely to not have a substitute good. For example, different types of cereal generally are substitutes for each other, but Rice Krispies cereal, which is a very narrowly defined good as compared to ...
Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which a good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as cross elasticity of demand by employing statistical techniques such ...
If there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a "pure monopoly". Sometimes, there are many sellers in an industry or there exist many close substitutes for the goods being produced, but nevertheless, companies retain some market power.
A salt substitute. A salt substitute, also known as low-sodium salt, is a low-sodium alternative to edible salt (table salt) marketed to reduce the risk of high blood pressure and cardiovascular disease associated with a high intake of sodium chloride [1] while maintaining a similar taste.
In biological nomenclature, a nomen novum (Latin for "new name"), new replacement name (or replacement name, new substitute name, substitute name [1]) is a scientific name that is created specifically to replace another scientific name, but only when this other name cannot be used for technical, nomenclatural reasons (for example because it is a homonym: it is spelled the same as an existing ...
Ersatz is a German word meaning substitute or replacement. [2] Although it is used as an adjective in English, it is a noun in German. In German orthography noun phrases formed are usually represented as a single word, forming compound nouns such as Ersatzteile ("spare parts") or Ersatzspieler ("substitute player").
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Substitute (cricket) Substitute good, in economics, a good that can be used instead of another; Ersatz good, in economics, a substitute good, inferior in quality; Substitute character, on keyboards, a control character used in the place of another character; Substitute natural gas; Substitute teacher, a temporary replacement in a teacher's absence