"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) refers to the responsiveness of the quantity demanded of a good or service to a change in its price. It plays a critical role in managerial economics, as it helps businesses understand how price changes will affect their revenue and demand. Among the various factors that influence the price elasticity of demand, the availability of substitutes is considered one of the most significant determinants.

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