When there few close substitutes available for a good, demand tends to be
A)perfectly inelastic.
B)perfectly elastic.
C)relatively inelastic.
D)relatively elastic.

Question

Quizplus · Accepted Answer

When there are few close substitutes available for a good, consumers have fewer alternatives to switch to if the price changes, making the demand for that good relatively inelastic.

When There Few Close Substitutes Available for a Good, Demand