Why does Werther's Original candy tend to have an elastic demand
A)because the candy market is too broadly defined
B)because there are many close substitutes for Werther's
C)because Werther's Original candy is considered by some to be a necessity
D)because it is usually eaten quickly and therefore the time horizon is short

Question

Quizplus · Accepted Answer

Werther's Original candy tends to have an elastic demand because there are many close substitutes for it, such as other brands of hard candies, soft caramels, and chocolate candies that can satisfy consumers' desire for sweets. As a result, consumers may be more likely to switch to a substitute if the price of Werther's increases, making its demand more elastic.

Why Does Werther's Original Candy Tend to Have an Elastic