All else equal, the price elasticity of demand for a good tends to be lower:
A)if the good has few close substitutes.
B)if the good represents a large share of a consumer's budget.
C)in the long run.
D)if the good has many close substitutes.

Question

Quizplus · Accepted Answer

If there are few substitutes for a good, then quantity demanded will change very little in response to a change in price.

All Else Equal, the Price Elasticity of Demand for a Good