Elastic goods tend to have these characteristics:... a) necessities and no substitutes. b) new and abundant. c) luxuries and available substitutes. d) old and rare.

Elastic goods tend to be luxuries and have readily available substitutes. This means that if the price of a luxury item, like the latest smartphone, goes up, consumers can easily switch to another brand or product without feeling too deprived. The elastic nature reflects how sensitive demand is to changes in price for these goods. When it comes to consumer behavior, elastic goods often see significant fluctuations in demand with price changes. For instance, if a popular coffee shop raises its prices, coffee drinkers might opt for homemade brews or a rival café to save some bucks – proving that flexibility in choices plays a massive role in market dynamics!