Which of the following statements is true?
A)In general, if a product has few substitutes it will have an elastic demand.
B)The more time that passes the more inelastic the demand for a product becomes.
C)The demand curve for a necessity is more elastic than the demand curve for a luxury.
D)The more narrowly we define a market, the more elastic the demand for a product will be.

Question

Quizplus · Accepted Answer

The more narrowly a market is defined, the more substitutes are available, making the demand more elastic.

Which of the Following Statements Is True