When will a good have a more inelastic demand
A)when the availability of close substitutes is less
B)when the definition of the market is narrower
C)when the period of time is longer
D)when the good is considered a luxury

Question

Quizplus · Accepted Answer

When there are fewer close substitutes available, consumers have less flexibility to switch to other products, making the demand for the good more inelastic.

When Will a Good Have a More Inelastic Demand