Question

The elasticity of demand for a product will not be higher ______.

पर्याय

• When it is considered a necessity by its buyers

• When more substitutes for the product are available

• When it has several uses

• When it is an expensive commodity

Answer 1

The elasticity of demand for a product will not be higher when it is considered a necessity by its buyers.

Explanation:

Necessities tend to have inelastic demand, so buyers change their purchases little when price changes. More substitutes, multiple uses, and a high price generally make demand more elastic.