In general, products that are consumed in fixed amounts have
A) inelastic demand.
B) constant demand.
C) variable demand.
D) elastic demand.

Question

Quizplus · Accepted Answer

Products that are consumed in fixed amounts, such as prescription medications or gasoline, typically have inelastic demand. This means that changes in price do not significantly affect the quantity demanded by consumers. This is because these products are often necessities, and consumers are willing to pay the market price in order to obtain them.

In General, Products That Are Consumed in Fixed Amounts Have