Which of the following is more likely to be the price elasticity of demand for the snake bite treatment antivenom?
A)Highly inelastic
B)Unit elastic
C)Elastic
D)Perfectly elastic

Question

Quizplus · Accepted Answer

The price elasticity of demand for snake bite treatment antivenom is likely to be highly inelastic because when someone needs an antivenom, it is usually a life-threatening situation, making them less sensitive to the price. They are likely to pay whatever is necessary to obtain the treatment, indicating a low responsiveness to price changes.

Which of the Following Is More Likely to Be the Price