Witam, czytam notatki w j. angielskim, rozumiem pojedyńcze słownictwo, ale mam problemy z zrozumieniem sensu zdania;/ np: Market is defined by substitutability. Substitutability on the demand side and supply side.
According to the theory of demand, if customers don’t want to substitute truck for cars on the basis of price differences, Jaguar’s market should be viewed as automobiles rather than all motor vehicles. But if customers want to only substitute between Jaguars and other makes of luxury cars, then Jaguar’s important market is luxury cars rather than the automobile market as a whole. The key test of the geographical boundaries of market is price: if price differences for the same product between different location tend to be eroded by demand-side and supply-side substitution, then these locations lie within a single market.
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