Demand for a product is likely to be more price elastic if:
A)it is considered a necessity.
B)it has many substitutes.
C)it has few substitutes.
D)its price is low relative to a product with which it must be use

Question

Quizplus · Accepted Answer

When a product has many substitutes, consumers have the option to choose cheaper substitutes when the price of the original product increases, making the demand for the original product more price elastic.

Demand for a Product Is Likely to Be More Price