The demand for the product that has readily available substitutes is likely to be more elastic which implies that it will be more responsive to the change in the price of the product. This is because the consumer will shift towards its substitutes more easily if the price rises. On the contrary, the demand for a product may be inelastic if there are no readily available substitutes for that product and if the expenditure on that product constitutes only a small portion of its income. Firms facing inelastic demand for their product may raise their income by increasing the price of the product whereas those firms facing elastic demand cannot.