A product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased is called a(n)

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An inelastic product is one for which the quantity demanded does not change much in response to a change in price. This means that consumers are less sensitive to price changes and will continue to purchase the product even if the price increases. Since there are few substitutes available for this product, consumers may not have other options to choose from even if the price increases, making it even more inelastic.

A Product for Which There Are Few Substitutes and for Which