Question

you own a sandwich shop in a neighborhood that has many other competing sandwich shops. this means your demand is probably __________. choose the answer. elastic time - based inelastic need - based

Explanation:

In a market with many competing sandwich shops, consumers have numerous substitutes. If one shop raises its prices, customers can easily switch to a competitor. This makes the demand for the shop's sandwiches sensitive to price changes, which is the definition of elastic demand. Time - based demand refers to demand that varies with time (e.g., seasonal demand), inelastic demand is when demand is not very sensitive to price changes (e.g., for necessities like insulin), and need - based demand is about fulfilling a basic need (not relevant here as sandwiches are not unique necessities in this context).

Answer:

elastic