not use ai please What is a substitute and how does a substitute differ from a direct competitor?Why do new small business owners evaluate substitutes and the potentialimpact they have in the market?

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Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 5E

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What is a substitute and how does a substitute differ from a direct competitor? Why do new small business owners evaluate substitutes and the potential impact they have in the market?