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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kareybugbee9735 kareybugbee9735

03-08-2022
Business

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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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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-17T10:47:05+02:00

If a good is a necessity with few substitutes, then demand will tend to be more price-inelastic

It means that demand will become more inelastic.

A necessary good has few substitutes. For necessary goods, the increase in price does not decrease the quantity demanded effectively.

Because the consumer has to buy that good in a particular amount even if the price of the good changes. Hence, the demand for necessary goods is inelastic.

For the inelastic demand, the change in price does not change the quantity demanded effectively. Moreover, the good has few substitutes. The good is both necessary and with few substitutes.

The price elasticity of demand is calculated by the below formula.

Price elasticity of demand=Percentage change in Quantity demanded/Percentage change in price

To know more about the elasticity of demand here:

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