Demand is said to be inelastic if:
A)the price of the good responds only slightly to changes in demand
B)demand shifts only slightly when the price of the good changes
C)buyers respond substantially to changes in the price of the good
D)the quantity demanded changes only slightly when the price of the good changes

Question

Quizplus · Accepted Answer

Inelastic demand means that the quantity demanded changes only slightly when the price of the good changes. This could be due to consumers having few alternatives to this good, or the good being a necessity that consumers are willing to pay a higher price for.

Demand Is Said to Be Inelastic If