United States Demand for Material Imports: Distinguished by Regions of Supply
Today most supplying nations of raw materials are more than ever concious of their monopolistic or ologopolistic potential in “setting” prices and/or restricting supply. For this reason alone, the United States as one of the major user of materials, should learn more about the characteristics of her demand for material imports, and in particular about the degree of substitutability of a given material from various regions of supply. It is generally assumed that products of a given classification — which are supplied by various regions — are roughly of the same kind.2) This assumption suggests that the elasticity of substitution between a given material from the regional sources of supply might be very large. However, this assumption of (almost) perfect substitutability should be the subject matter of an investigation.
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