Asked by

LARRY MALDONADO
on Dec 11, 2024

verifed

Verified

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.
verifed

Verified Answer

JH
Jessica HernandezDec 16, 2024
Final Answer:
Get Full Answer