When consumers' buying decisions are less sensitive to changes in price,we say that their demand curve is:
A)highly elastic.
B)less elastic.
C)very sensitive to changes in the price.
D)unit elastic.

Question

Quizplus · Accepted Answer

A less elastic demand curve means that consumers are less sensitive to changes in price, so their buying decisions are not significantly affected by price changes. This implies that even if the price of a good or service increases or decreases, the quantity demanded by consumers will remain relatively stable.

When Consumers' Buying Decisions Are Less Sensitive to Changes in Price,we