If demand is price inelastic,then
A)buyers do not respond much to a change in price.
B)buyers respond substantially to a change in price,but the response is very slow.
C)buyers do not alter their quantities demanded much in response to advertising,fads,or general changes in tastes.
D)the demand curve is very flat.

Question

Quizplus · Accepted Answer

If demand is price inelastic, it means that buyers do not respond much to a change in price. In other words, changes in price have a relatively small effect on the quantity demanded by consumers.

If Demand Is Price Inelastic,then