Other things equal, if a good has more substitutes, its price elasticity of demand is

On the other hand, a good with few substitutes will have a lower price elasticity of demand. This is because consumers have fewer options available to them, so they are less likely to switch to a different good if the price of one good increases.

For example, if the price of insulin increases, diabetics are less likely to switch to a different medication. This is because there are few other medications that can be used to treat diabetes.

In conclusion, other things equal, if a good has more substitutes, its price elasticity of demand is larger.