If consumers start to believe they need a product, what is likely to happen?
a. the demand becomes less elasticb. the demand becomes more elasticc. the supply decreasesd. the price decreases

The correct answer would be option A, The demand becomes less elastic.

Explanation:

Less Elastic Demands means, there will be less effect on the demand of a product if the price of the product changes.

So in this scenario, if consumers start to believe that they need a product, they will no matter purchase that product. Their demand for the product will not decrease so much if the price of the product is increased. Suppose if there will be a change in price of about 30%, then in less elastic demand system, percentage change of the demand may be of likely 3%. This means, there will be less change in the demand if there is a change in the price if the consumers have made their minds to buy the product.

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