Question

Consider jimmy choo designer shoes. jimmy choo faces many competitors, while in another way jimmy choo faces no competitors. this contradiction can be explained by:

Answer 1

The contradiction can be explained by the substitutability between Jimmy Choo shoes and other shoes.
Substitutability is the ability of goods or services to be replaced by another good or services to be replaced by another good or service in use or consumption. Substitute goods are goods which, as a result of changed conditions, may replace each other in use. For example in this case, jimmy choo faces other competitors who have substitute shoes.