noun
- the quality or state of being able to be substituted or replaced by something else
Usage: formal; often used in economics and technical contexts
Examples
- The substitutability of different brands of sugar makes price the main factor in consumer choice.
- Economists study the substitutability of goods to understand market behavior.
- The high substitutability between the two products led to intense price competition.
- Perfect substitutability rarely exists in real markets.
- The company’s success depends on the low substitutability of its patented technology.
- Researchers measured the substitutability of various energy sources.