When a large change in price produces only a small change in demand,demand is said to be _____.
A) flexible
B) consistent
C) inelastic
D) elastic
E) dynamic

Question

Quizplus · Accepted Answer

When a change in price produces only a small change in demand, demand is said to be inelastic. This means that consumers are not very responsive to changes in price and are willing to pay more for the same good or service. Inelastic demand usually occurs for goods that are necessities (e.g. medicine) or have few substitutes (e.g. gasoline).

When a Large Change in Price Produces Only a Small