What type of demand would there be for a good that had NO substitutes? Select One Elastic or Inelastic

Question

Geography

Kai Oliver

15 August, 13:17

What type of demand would there be for a good that had NO substitutes? Select One Elastic or Inelastic

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Answers (2)

Know the Answer?

Rocco Singh · Answer 1

Answer:if no substitutes are available, demand for a good is more likely to be inelastic.

Payten Arias · Answer 2

Inelastic

Explanation: When several close substitutes are available, consumers can easily switch from one good to another even if there is only a small change in price. Conversely, if no substitutes are available, demand for a good is more likely to be inelastic.