If the consumers cannot switch to a close substitute when the price of a good increases,the demand for that good is likely to be:
A)elastic.
B)inelastic.
C)unitary elastic.
D)perfectly elastic.

Name: If the consumers cannot switch to a close substitute when the price of a good increases,the demand for that good is likely to be: A)elastic. B)inelastic. C)unitary elastic. D)perfectly elastic.
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Question

Quizplus · Accepted Answer

If a good has few substitutes,the change in quantity demanded will be small relative to a change in price.

If the Consumers Cannot Switch to a Close Substitute When