Question: 1. Explain the relationship between the availability of substitutes and the elasticity of demand for a good.
2. I want to build a garage in my backyard. My neighbor's driveway offers the only practical way to reach the proposed garage. I offer to purchase an easement from my neighbor, thus giving me the right to share her driveway. Economists describe the relationship between my neighbor and me as "bilateral monopoly." Explain why this phrase is appropriate.