Demand for a good will tend to be more price elastic if it exhibits wh

Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?

A) It accounts for a small part of the consumer’s total income.
B) The good has many available substitutes.
C) It is a non-durable (as opposed to a durable good).
D) There is little time for the consumer to adjust to the price change.

ANSWER

B