If a good is a necessity with few substitutes, then demand will tend to? a)be more price-elastic.b)be more price-inelastic.c)have price elasticity equal to 1.d)be the same as that of a luxury good.

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16-08-2022
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If a good is a necessity with few substitutes, then demand will tend to? a)be more price-elastic.b)be more price-inelastic.c)have price elasticity equal to 1.d)be the same as that of a luxury good.

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QWCyan QWCyan · Answer 1 · 2022-08-19T17:42:41+02:00

When substitutes for a good are not easily available the price will tend to be more inelastic. Inelastic means that when there is a change in price how much the demand for the product will change. In this case, as the goods or substitutes are not easily available the price will be inelastic as the goods themselves are not available. So even if the price increases or decreases this will not have an effect on the demand for those goods.

A similar scenario is seen when the goods are essential like in the case of petrol. The demand for these goods is so much that the price change will not affect the demand for them. Other than these two factors a price change in goods will definitely change the demand for the goods. Let us take the example of coffee and tea. A change in the price of tea will change the demand for tea as it will reduce as more people will shift from tea to coffee.