Question

30POINTS, NEED HELP ASAP

Which of the following will cause the demand for a good or service inelastic?
1,Having few substitutes-
2,A longer time period-
3,Being a luxury-
4,Being a large share of the consumer's budget-
for all of them

Answer 1

1 Having few substitutes

Answer 2

1 is the best answer.

Step-by-step explanation:

A longer time period makes it more elastic.

Being a luxury does not affect elasticity as much as 1.

Being a large share of a consumers budget will affect elasticity, but not make it inelastic as much as 1.