A good that has highly elastic demand is most likely to be p

A good that has highly elastic demand is most likely to: be produced by a single firm. be purchased by low-income consumers. be a necessary good. have a large number of substitutes. be sold at a high price level.

Solution

Have a large number of substitutes.

Highly inelastic demand means minor increase in price cause more reduction in the quantity demanded of a good.

Availability of substitutes: Demand for those commodities which have substitutes are relatively more elastic. The reason being that when the price of a commodity falls in relation to its substitute, the consumers will go in for it and so its demand will increase. Commodities having no substitutes like cigarettes have inelastic demand.