Holding everything else constant, the demand for a good tends to be more elastic
A)the more substitutes there are for the good.
B)the shorter the time period involved.
C)the more consumers perceive the good to be a necessity.
D)the less important the product is in consumers' budgets.

Question

Quizplus · Accepted Answer

When there are more substitutes available for a good, consumers are more likely to switch to a substitute if the price of the original good increases. This makes the demand for the original good more elastic.

Holding Everything Else Constant, the Demand for a Good Tends