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AP® Microeconomics

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Elasticity: Characteristics of Inelastic Demand

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Which of the following characteristics would tend to make the demand for a product more inelastic?

A

The product has many substitutes.

B

The product makes up a significant portion of most families' budgets.

C

Consumers have time to adjust to changes in the price of the product.

D

The product is a necessity.

E

Demand for the product increases when consumer incomes increase.