A product that has close substitutes will tend to have inelastic demand.

Name: A product that has close substitutes will tend to have inelastic demand.
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Question

Quizplus · Accepted Answer

If a product has close substitutes, consumers can easily switch to a substitute if the price of the original product increases, leading to elastic demand. In contrast, inelastic demand occurs when consumers are unable or unwilling to change to substitutes, such as for medicines or addictive goods.

A Product That Has Close Substitutes Will Tend to Have