Question

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.

Answer 1

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.