Other things equal,the demand for a good tends to be more inelastic,the
A)fewer the available substitutes.
B)longer the time period considered.
C)more the good is considered a luxury good.
D)more narrowly defined is the market for the good.

Question

Quizplus · Accepted Answer

When there are fewer substitutes available for a good, consumers have less flexibility to switch to a different product if the price of the original good increases. Therefore, they are less responsive to changes in price, making the demand for the good more inelastic.

Other Things Equal,the Demand for a Good Tends to Be