Other things being equal,the price elasticity of demand for a product will be lower:
A)if many substitutes are available.
B)if it is a large part of the consumer's budget.
C)in the long run than in the short run.
D)if there are few or no substitutes available.

Question

Quizplus · Accepted Answer

The price elasticity of demand for a product is lower when there are few or no substitutes available because consumers have fewer alternatives to switch to if the price of the product increases, making their demand less sensitive to price changes.

Other Things Being Equal,the Price Elasticity of Demand for a Product