Which of the following statements is true of factors that affect elasticity?
a. When many substitutes are available for a product, it leads to inelastic demand.
b. If a price is so low that it is an inconsequential part of an individual's budget, demand will be elastic.
c. Demand is inelastic when consumers often have the option of repairing durable products.
d. The greater the number of different uses for a product, the more elastic demand tends to be.
Answer: d.