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

Question

Lawrence Faulkner

Geography

6 January, 23:15

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

+2

Answers (2)

Know the Answer?

Alfonso Foley · Answer 1

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

Socks · 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.