There are very few,if any,good substitutes for motor oil.Therefore,
A) the demand for motor oil would tend to be inelastic.
B) the demand for motor oil would tend to be elastic.
C) the demand for motor oil would tend to respond strongly to changes in prices of other goods.
D) the supply of motor oil would tend to respond strongly to changes in people's tastes for large cars relative to their tastes for small cars.

Question

Quizplus · Accepted Answer

The fact that there are very few substitutes for motor oil means that consumers are likely to continue purchasing it even if the price increases, making the demand for motor oil inelastic.

There Are Very Few,if Any,good Substitutes for Motor Oil