The demand for a good will be more price inelastic,
A)the higher is its price.
B)the larger is the percentage of income spent on it.
C)the longer is the passage of time.
D)the smaller the supply of the good.
E)the fewer substitutes are available for the good.

Question

Quizplus · Accepted Answer

When fewer substitutes are available for a good, consumers have less choice to switch to other products in response to a price increase, making the demand for the good more price inelastic.

The Demand for a Good Will Be More Price Inelastic