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13 June, 05:12

Other things equal, the demand for a good tends to be more inelastic, thea.

a. more narrowly defined is the market for the good.

b. fewer the available substitutes.

c. more the good is considered a luxury good.

d. longer the time period considered.

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Answers (1)
  1. 13 June, 05:36
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    Option (b) is correct.

    Explanation:

    The demand for a particular good is more inelastic if an increase in the price of a good doesn't or little effect on the demand for that good.

    If there are fewer substitutes available for a particular good then an increase in the price of a particular good doesn't affect the demand for that good much because of the less alternatives available for the consumers.

    Hence, they have to purchase this good even at a higher prices, so, the demand for that good doesn't or little change.

    That's why the demand for those goods tends to be more inelastic.
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