Which characteristic is NOT true of a good with elastic demand?
A)There is only a short time to adjust to price changes.
B)There are a large number of substitutes.
C)It is a luxury good.
D)It is a specific brand.

Question

Quizplus · Accepted Answer

Goods with elastic demand typically allow consumers more time to adjust to price changes, as they can more easily find substitutes or forego the purchase altogether. Options B, C, and D are characteristics that would make a good's demand more elastic, not less.

Which Characteristic Is NOT True of a Good with Elastic