The demand for novels is _____________ than is the demand for science textbooks because __________________.
A) less price elastic; novels have more available substitutes.
B) more price elastic; novels have less available substitutes.
C) less price elastic; novels have less available substitutes.
D) more price elastic; novels have more available substitutes.

Question

Quizplus · Accepted Answer

The demand for novels is more price elastic because there are more available substitutes. This means that if the price of novels were to increase, consumers would be more likely to switch to other alternatives such as e-books, audiobooks, or other genres of literature. On the other hand, the demand for science textbooks is less price elastic because they have less available substitutes. Students that need science textbooks for their courses are likely to purchase them regardless of the price, making the demand relatively inelastic.

The Demand for Novels Is _____________ Than Is the Demand