Joey owns a shoe store in a neighborhood with other shoe stores. demand for the products he sells is probably a. need-based b. time-based c. elastic d. inelastic

The answer is "C. Elastic".

Joey owns a shoe store in a neighborhood with other shoe stores. Demand for the products he sells is probably "Elastic".

Elastic demand is when cost or different elements bigly affect the amount customers need to purchase. You'll see it regularly when purchasers react to value changes. On the off chance that the cost goes down only a bit, they'll purchase significantly more. On the off chance that costs rise a tad, they'll quit purchasing to such an extent and sit tight for them to come back to ordinary. Cost is one of the five determinants of interest.  

On the off chance that a good or service has elastic demand, it implies purchasers will complete a great deal of examination shopping. They do this when they aren't frantic to have it or they needn't bother with it consistently. They'll additionally comparison shop when there are a great deal of other comparable decisions.

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