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Cross elasticity of demand
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===Contribution to firm reactions=== Knowledge of a firm's cross elasticity of demand and their competitors' allows them to map out the market, enabling them to calculate the number of rivals and the importance of their complementary (and substitute) products relative to their own. Firms can develop strategies to reduce their exposure to the risks they are imposed to by price changes of other firms, such as an increase in the price of a complement or a decrease in the price of a substitute.<ref>{{cite web |title=Cross elasticity of demand |url=https://www.economicsonline.co.uk/Competitive_markets/Cross_elasticity_of_demand.html |website=Economics Online |access-date=26 April 2021 |date=13 January 2020}}</ref>
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