First Question- elasticity or inelastic

1. Determinants of the price elasticity of demand Consider the following list containing several price elasticity of demand determinants: . The availability of close substitutes . Whether a good is a luxury or necessity . How broadly the market is defined . The time horizon under consideration A good in the presence of many close substitutes is predicted to have relatively demand, since consumers can easily choose to 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 all have approximately the same price. Which of the goods has the least elastic demand? Access to medicine for individuals with chronic illnesses Designer clothing