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

Question

Quizplus · Accepted Answer

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

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