ashleybivins0
Answered

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A good without any close substitutes is likely to have relatively demand, since consumers cannot easily switch to a substitute good if the price of the good rises.

Sagot :

ayfat23

It should be noted that good without any close substitutes is likely to have relatively inelastic demand, this is because, consumers cannot easily switch to a substitute good in case there is an increase in  price of the good.

Since the goods doesn't have close substitute, then change in price will not really affect the quantity demand because consumer doesn't really have other options as substitutes.

What is inelastic demand ?

An inelastic demand  can be regarded as one whereby a change in quantity demanded is small as a result of change in price is small.

Learn more about inelastic demand  at;

https://brainly.com/question/1899986

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