If a change in price barely effects demand, that means the demand is .
A) supplied
B) inelastic
C) unstable
D) relative

Question

Quizplus · Accepted Answer

If a change in price barely affects demand, then the demand is inelastic. This means that consumers are not very responsive to price changes and will still purchase the same quantity of the good even if the price increases. A good with inelastic demand is often a necessity or has few substitutes available.

If a Change in Price Barely Effects Demand, That Means