When will a good have a more inelastic demand
A)when the availability of close substitutes is greater
B)when the definition of the market is narrower
C)when the period of time is longer
D)when the good is considered a necessity

Question

Quizplus · Accepted Answer

When a good is considered a necessity, consumers are willing to pay more for it regardless of its price changes, so the demand becomes more inelastic.

When Will a Good Have a More Inelastic Demand