Demand Is Likely to Be Less Elastic When There are few or no substitutes or competitors Price increases are not readily noticed Buyers are slow to change buying habits Buyers can justify higher prices O Copy rights reserved, Zou Deqiang14 14 © Copy rights reserved, Zou Deqiang Demand Is Likely to Be Less Elastic When… • There are few or no substitutes or competitors • Price increases are not readily noticed • Buyers are slow to change buying habits • Buyers can justify higher prices