A good without any close substitutes is likely to have relatively _________ demand, because consumers cannot easily switch to a

Question

wolverine [178]

2 years ago

13

A good without any close substitutes is likely to have relatively _________ demand, because consumers cannot easily switch to a

substitute good if the price of the good rises.

Mathematics

1 answer:

Vesnalui [34] · Answer 1 · 2022-05-25T05:44:50+03:00

Answer:

Inelastic/ elastic.

Step-by-step explanation:

This is because if the price of such good rises, there is no good the consumers can switch to as a substitute so the demand of such good is inelastic/elastic. For example cooking salt will have an inelastic/elastic demand if the price of cooking salt increases, because there is no exact substitute good for a cooking salt.