A good that has limited substitutes has relatively inelastic demand.

Name: A good that has limited substitutes has relatively inelastic demand.
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Question

Quizplus · Accepted Answer

When a good has limited substitutes, consumers are less likely to switch to another good if the price of the original good increases. This means that the quantity demanded will not decrease significantly in response to price increases, making the demand relatively inelastic.

A Good That Has Limited Substitutes Has Relatively Inelastic Demand