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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Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter11: Marketing And Distribution

Section: Chapter Questions

Problem 8AA

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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?