Asked by
LARRY MALDONADO
on Dec 11, 2024Verified
Demand will be more elastic when
A) the time the consumer has to adjust to price changes is short.
B) the price of the good is low.
C) the number of good substitutes is large.
D) the consumption of the good is essential.
Good Substitutes
Products or services that can be used in place of one another, satisfying the same needs or wants of the consumer.
Elastic
Describes demand or supply that is highly sensitive to changes in price; a small change in price leads to a large change in the quantity demanded or supplied.
- Determine the elements that cause demand elasticity or inelasticity to increase.
Verified Answer
JH
Learning Objectives
- Determine the elements that cause demand elasticity or inelasticity to increase.