A good without any close substitutes is likely to have relatively---------(elastic/inelastic) demand, because consumers cannot easily switch to a substitute good if the price of the good rises.

A good's price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the leastelastic demand?

Yacht

A heart valve for heart attack victims

Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the mostelastic demand?

Monthly cell phone bill

Fish food

Thumbtacks

The price elasticity of demand for a good also depends on how you define the good.

Organize the goods found in the following table by indicating which is likely to have the most elastic demand, which is likely to have the least elastic demand, and which will have demand that falls in between.

Categories	Most Elastic	In Between	Least Elastic
Vegetables
Food
Red bell peppers

The price elasticity of demand is also affected by the given time horizon.

Other things being equal, the demand for natural gas will tend to be------------------------------(less/more/no more or nor less) elastic in the short run than in the long run.