"The main determinant of elasticity is the availability of substitutes." Explain this statement in the context of price elasticity of demand.

Price elasticity of demand (PED) measures how much the quantity demanded of a good responds to a change in its price. It is an important concept in managerial economics, as it helps businesses and policymakers understand consumer behavior and make informed pricing decisions. The availability of substitutes is considered the most significant determinant of price elasticity of demand. This is because when consumers have alternative products to choose from, they can easily switch if the price of a good increases, making the demand for that good more _________ ______ _________ ____ ______.
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