If a product has very few substitutes, demand elasticity is likely to be
A) 1.
B) elastic.
C) infinitely elastic.
D) inelastic.

Name: If a product has very few substitutes, demand elasticity is likely to be A) 1. B) elastic. C) infinitely elastic. D) inelastic.
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Question

Quizplus · Accepted Answer

When a product has very few substitutes, consumers have limited options to switch to, making the demand for the product less sensitive to price changes, hence inelastic.

If a Product Has Very Few Substitutes, Demand Elasticity Is