If substitutes for a good are readily available,the demand for that good
A) does not change substantially if the price rises.
B) does not change substantially if the price falls.
C) is inelastic.
D) is elastic.
E) Both answers A and B are correct.

Question

Quizplus · Accepted Answer

When substitutes for a good are readily available, the demand for that good is considered elastic because consumers can easily switch to alternatives if the price of the good increases, leading to a significant change in the quantity demanded.

If Substitutes for a Good Are Readily Available,the Demand for That