Refer to the information provided in Figure 13.1 below to answer the question that follows. Figure 13.1
-Refer to Figure 13.1. Of the following choices, Panel C best represents the demand curve for
A) an individual producer of soybeans.
B) a utility company.
C) insulin.
D) the Apple iPhone.

Question

Refer to the information provided in Figure 13.1 below to answer the question that follows.  Figure 13.1
-Refer to Figure 13.1. Of the following choices, Panel C best represents the demand curve for
A) an individual producer of soybeans. 
B) a utility company. 
C) insulin. 
D) the Apple iPhone.

Quizplus · Accepted Answer

Panel C likely represents a product with an inelastic demand, meaning consumers will purchase it regardless of price changes. Insulin is a critical medication for people with diabetes, making its demand inelastic because it is a necessity, not a luxury.

Refer to the Information Provided in Figure 13