Module Three Quiz X substitutes if the price of the good rises. udy Tools 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 most elastic demand? O Yacht A-Z O A heart valve for heart attack victims ss Tips ss Tips The price elasticity of demand for a good also depends on how you define the good. or a FREE 7- 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 ge Unlimited demand, and which will have demand that falls in between. nlimited oks Categories Most Elastic In Between Least Elastic Merlot Free O O O Beverages O O O more Wine O O O The price elasticity of demand is also affected by the given time horizon. back Other things being equal, the demand for natural gas will tend to be elastic in the short run than in the long run. A+