Question: Demand for a product will be inelastic if: 1 . the product has a number of different uses. 2 . its price is so low

Demand for a product will be inelastic if:
1. the product has a number of different uses.
2. its price is so low that it is an inconsequential part of an individual's budget.
3. many substitute products are available in the market
4. the product can be repaired and replaced or prolonged in its use.

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