If makers of snake anti-venom implement significant price increases,it is unlikely to significantly affect the use of anti-venom for treating poisonous snakebites.The demand for anti-venom among users is:
A) elastic.
B) inelastic.
C) unit elastic.
D) unit inelastic.

Question

Quizplus · Accepted Answer

The demand for anti-venom among users is likely to be inelastic because snakebites are life-threatening and require immediate treatment. In this situation, individuals are willing to pay a higher price to obtain anti-venom to save their lives, making the demand for anti-venom relatively insensitive to price changes. Thus, it is unlikely that a significant price increase would result in a significant decrease in the use of anti-venom for treating poisonous snakebites.

If Makers of Snake Anti-Venom Implement Significant Price Increases,it Is