Demand is said to be inelastic if
A)buyers respond substantially to changes in the price of the good.
B)demand shifts only slightly when the price of the good changes.
C)the quantity demanded changes only slightly when the price of the good changes.
D)the price of the good responds only slightly to changes in demand.

Question

Quizplus · Accepted Answer

Inelastic demand occurs when the quantity demanded changes only slightly in response to changes in price. This means consumers' purchasing habits are not significantly affected by price changes for these goods.

Demand Is Said to Be Inelastic If