When would demand for a good tend to be more inelastic
A)when there are fewer available substitutes
B)when the time period considered is longer
C)when the good is considered more of a luxury good
D)when the market is more narrowly defined

Question

Quizplus · Accepted Answer

When there are fewer available substitutes for a good, consumers are more likely to continue purchasing it regardless of price changes, making the demand for the good more inelastic. For example, if there are no other options for medication for a certain illness, individuals will continue purchasing the same medication even if the price increases.

When Would Demand for a Good Tend to Be More