Demand is said to be inelastic if the
A)quantity demanded changes proportionately more than price.
B)price changes proportionately more than income.
C)quantity demanded changes proportionately less than price.
D)quantity demanded changes proportionately the same as price.

Question

Quizplus · Accepted Answer

Inelastic demand means that the change in quantity demanded is proportionately less than the change in price. In other words, even if the price of a good or service goes up, consumers will still buy a similar amount because they perceive the good or service to be a necessity. Inelastic demand usually occurs for essential goods or services, such as medication or basic groceries.

Demand Is Said to Be Inelastic If the