For which one of the following is demand likely to be most price inelastic?
A)diamonds
B)insulin for a diabetic
C)potatoes
D)gasoline
E)books

Name: For which one of the following is demand likely to be most price inelastic? A)diamonds B)insulin for a diabetic C)potatoes D)gasoline E)books
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Question

Quizplus · Accepted Answer

Insulin for a diabetic is a necessity for survival, so consumers are likely to continue purchasing it even if the price increases. This makes the demand for insulin price inelastic.

For Which One of the Following Is Demand Likely to Be