Please answer this for me. 2. Which of the following will causethe demand for a good or service tobe inelastic?Having few substituteso A longer time periodo Being a luxuryo Being a large share of theconsumer's budget

Demand for the good is said to be inelastic when its quantity demanded does not change much with…

Answered: Which of the following will cause the…

Which of the following will cause the demand for a good or service to be inelastic? o Having few substitutes o A longer time period o Being a luxury o Being a large share of the consumer's budget

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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Question

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Please answer this for me.

2. Which of the following will cause
the demand for a good or service to
be inelastic?
Having few substitutes
o A longer time period
o Being a luxury
o Being a large share of the
consumer's budget

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