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(Price elasticity of demand, PES) - Coggle Diagram

- - - - If the product is a necessity; the products price would usually be more inelastic as the consumers can't go without necessary items
      - If the product has many close substitutes; the products price would usually be elastic as the consumers have many other options to choose from.
      - The amount of time consumers have to search for substitutes; as the more the consumers research the more elastic the products price is as if it increases they can just search for a cheaper substitute
      - If the cost of switching to a different supplier; is lesser than