Asked by Danielle Hatch on Jun 10, 2024

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Which characteristic is NOT true of a good with elastic demand?

A) There is only a short time to adjust to price changes.
B) There are a large number of substitutes.
C) It is a luxury good.
D) It is a specific brand.

Elastic Demand

A situation in which the quantity demanded of a product changes significantly in response to changes in its price.

Luxury Good

High-quality products or services that are not necessary for survival but are purchased for their extravagance or pleasure.

Specific Brand

A unique identification or name for a particular product that differentiates it from others within the same category.

  • Identify the differences between elastic, inelastic, and unit elasticity in demand.
  • Understand the importance of timing in evaluating the price elasticity of demand.
  • Determine the elements impacting demand's price elasticity, such as the presence of alternative products.
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CB
CLINTON BrooksJun 14, 2024
Final Answer :
A
Explanation :
Goods with elastic demand typically allow consumers more time to adjust to price changes, as they can more easily find substitutes or forego the purchase altogether. Options B, C, and D are characteristics that would make a good's demand more elastic, not less.