Those goods whose demand tends to be more inelastic over a given price range
are probably goods for which there are few substitutes.

Name: Those goods whose demand tends to be more inelastic over a given price range are probably goods for which there are few substitutes.
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Question

Those goods whose demand tends to be more inelastic over a given price range
 are probably goods for which there are few substitutes.

Quizplus · Accepted Answer

Goods with few substitutes tend to have more inelastic demand because consumers have fewer alternatives to switch to if the price of these goods increases, making their demand less sensitive to price changes.

Those Goods Whose Demand Tends to Be More Inelastic Over