A good in the presence of many close substitutes is predicted to have relatively inelastic demand, since consumers can easily choose t purchase one of the close substitutes if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods approximately the same price. Which of the goods has the most elastic demand? Self-driving cars A liver for people on the transplant waiting list The price elasticity of demand for a good also depends on how the good is defined. Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and t elasticity of demand that falls somewhere in between. Categories Most Elastic In Between Least Elastic Soccer cleats Shoes Adidas copa mundials The price elasticity of demand of a good is also impacted by the defined time horizon. demand for oil in the long run will tend to be elastic