Demand is likely to be inelastic for goods that:
A) require a large portion of consumers' income.
B) are addictive.
C) are luxury items.
D) can be purchased after a longer time period.

Name: Demand is likely to be inelastic for goods that: A) require a large portion of consumers' income. B) are addictive. C) are luxury items. D) can be purchased after a longer time period.
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Question

Quizplus · Accepted Answer

Goods that are addictive tend to have inelastic demand because consumers will continue to buy them regardless of price changes.

Demand Is Likely to Be Inelastic for Goods That