economic lowdown video series—video 2: factors that influence price elasticity of demand\n5 of 6\nthe demand…
economic lowdown video series—video 2: factors that influence price elasticity of demand\n5 of 6\nthe demand for a good with few close substitutes is likely to be:\nprice elastic\nperfectly elastic\nunit elastic\nprice inelastic
Answer
Brief Explanations:
When a good has few close substitutes, consumers have limited alternatives. So, changes in price have a relatively small impact on the quantity demanded, making demand price inelastic.
Answer:
Price inelastic