A good will have a more elastic demand,the
A)greater the availability of close substitutes.
B)more broad the definition of the market.
C)shorter the period of time.
D)more it is regarded as a necessity.

Question

Quizplus · Accepted Answer

When there are more close substitutes available for a good, consumers have a greater ability to switch to a substitute if the price of the original good increases, thus making the demand for the original good more elastic.

A Good Will Have a More Elastic Demand,the