A more elastic demand for a good would generally result from
A)an increase in the supply of that good
B)an increase in the number of substitutes for that good
C)a decrease in the number of substitutes for that good
D)smaller consumer incomes
E)a reduction in the number of consumers

Question

Quizplus · Accepted Answer

An increase in the number of substitutes for a good would make consumers more likely to switch to those substitutes if the price of the original good increased, making the demand for the original good more elastic.

A More Elastic Demand for a Good Would Generally Result