Consider some determinants of the price elasticity of demand: . The availability of close substitutes . Whether the good is a necessity or a luxury . How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively demand, since consumers can easily choose to purchase one of the close substitutes 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 least elastic demand? O Amputation procedures for diabetes sufferers O Diamond necklace The price elasticity of demand for a good also depends on how you define the good.Omanize 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 fails in between. Most Elastic Least Elastic Categories In Between Fo 0d Red bell peppers Vegetables The price elasticity of demand is also affected by the given time had no more, nor lessr other things being equal, the demand for natural gas will tend to be V elastic in the short run than in the long run