| 单词 | perfect substitute |
| 释义 | perfect substitute A good which is indistinguishable in use from another. If two goods are perfect substitutes, their prices must be the same if both are to be used: the elasticity of substitution between them is infinite, and any price difference will lead to all consumers choosing the cheaper. Any indifference curve between them is a straight line. Goods may be perfect substitutes in some but not all uses, so that only a limited section of any indifference curve between them is linear. |
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