Demand for a good is likely to be less elastic
A)the more narrowly defined the good is
B)the larger the good's share of the buyer's budget
C)in the long run than in the short run
D)the smaller the number of substitute goods available
E)at high prices

Question

Quizplus · Accepted Answer

Demand is less elastic when there are fewer substitutes available, as consumers have fewer alternatives to switch to if the price changes.

Demand for a Good Is Likely to Be Less Elastic