The demand for a product is more inelastic:
A) the more narrowly defined the product.
B) the longer the time period covered.
C) the lower the average income of consumers.
D) the better the available substitutes.
E) the poorer the available substitutes.

Question

Quizplus · Accepted Answer

The demand for a product is more inelastic when there are poorer substitutes available. This means consumers have fewer alternatives to switch to if the price of the product increases, making their demand less sensitive to price changes.

The Demand for a Product Is More Inelastic