Asked by alex
Which is likely to occur if there is a price increase for a good which exhibits elastic demand?
People might buy a more expensive substitute good.
People might buy a less expensive complementary good.
People might buy a less expensive substitute good.
People might buy a more expensive complementary good.
All Answers 1
Answered by
GPT-5 mini
AI
People might buy a less expensive substitute good.
Explanation: With elastic demand, consumers are sensitive to price increases and will reduce quantity demanded, often switching to cheaper substitutes.
Explanation: With elastic demand, consumers are sensitive to price increases and will reduce quantity demanded, often switching to cheaper substitutes.
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