When there are few substitutes available for a good, demand tends to be relatively inelastic.

Name: When there are few substitutes available for a good, demand tends to be relatively inelastic.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When there are few substitutes available for a good, consumers have limited options to choose from, which makes them less likely to switch to a different product even if the price of the product increases. Therefore, demand for the good is relatively inelastic.

When There Are Few Substitutes Available for a Good, Demand