If a product is a necessity and has no substitutes at all, demand for the product is most likely to be:
A)very inelastic.
B)inelastic.
C)unitary elastic.
D)elastic.

Name: If a product is a necessity and has no substitutes at all, demand for the product is most likely to be: A)very inelastic. B)inelastic. C)unitary elastic. D)elastic.
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Question

Quizplus · Accepted Answer

When a product is a necessity and has no substitutes, consumers will continue to buy it even if the price changes, making the demand very inelastic.

If a Product Is a Necessity and Has No Substitutes