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

Question

Quizplus · Accepted Answer

If a product is consumed in fixed amounts, regardless of price, it means that consumers are not very responsive to changes in price. As a result, the demand for the product is inelastic. This means that changes in price will have little to no effect on the quantity of the product demanded by consumers.

In General, Products That Are Consumed in Fixed Amounts, Regardless