What is the likely effect on demand if consumers believe there are very limited alternatives to a product?

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The supply is likely to respond strongly to price changesNone of the above answers are correctDemand is expected to be relatively insensitive to price changesDemand is expected to be highly responsive to price changes

Explanation

When consumers perceive few substitutes for a product, their demand tends to be less sensitive to price fluctuations, meaning demand is price inelastic.