The demand for a product is likely to be more elastic
A) the shorter the time the consumer has to adjust to price changes.
B) the lower the price of the good.
C) the fewer the number of good substitutes.
D) the less the essential nature of the good.

Question

Quizplus · Accepted Answer

The demand for a product is more elastic when consumers can more easily do without it, meaning it is less essential. Essential goods have more inelastic demand because consumers will buy them regardless of price changes.

The Demand for a Product Is Likely to Be More