Question

the steepness of the demand curve is determined in part by the degree of substitutability between products. if buyers see products as substitutes, demand will be steeper.

Answer 1

If demand curve is steeper, this shows that demand is inelastic.

Step-by-step explanation:

Inelastic is when the price changes by a greater percentage compared to the percentage change in demand.

So an increase in price will NOT cause much greater effect on the quantity demaded.

DEMAND WILL BE STEEPER IF:

There are no close substitutes available for the product.

If the product is a necessity (essential for living)

If the product costs only a small proportion of income

It the product is addictive e.g coffee, tea, e.t.c

If the product can NOT be delayed.