When a product has ________ demand, an increase or decrease in the price of the product has little or no effect on the demand for the product.
A) elastic
B) joint
C) derived
D) inelastic
E) fixed

Question

Quizplus · Accepted Answer

Inelastic demand means that changes in price have little effect on demand. This is because the product is considered a necessity, and consumers will continue to purchase it even if the price increases. Examples of inelastic products include gasoline and medication.

When a Product Has ________ Demand, an Increase or Decrease