When would demand for a good tend to be more elastic
A)when there are fewer options in the market
B)when the time period considered is shorter
C)when the good is considered more of a necessity
D)when the good has more substitutes

Question

Quizplus · Accepted Answer

When a good has more substitutes available in the market, consumers have more options to choose from, and therefore are more sensitive to changes in price. This makes the demand for the good more elastic.

When Would Demand for a Good Tend to Be More