Which of the following factors generally leads to a more elastic demand for a product?

A more elastic demand for a product means that consumers are more sensitive to changes in price. One key factor that leads to this is the availability of substitutes; when there are many similar products available, people can easily switch if the price goes up. For example, if the price of one brand of cereal increases, consumers might choose another brand instead, showing that their demand is elastic. Additionally, if the product is a luxury item rather than a necessity, demand is often more elastic, as people can choose not to buy it if the price rises. Overall, when consumers have options and the product is not essential, they are more likely to change their buying habits based on price changes.