If consumers are price sensitive,then
A)they will have elastic demand curves.
B)they will have inelastic demand curves.
C)they will have no demand curve.
D)they will not shop around very much.
E)they likely perceive no close substitutes.

Question

Quizplus · Accepted Answer

Price-sensitive consumers are very responsive to changes in price, meaning their demand for a product will change significantly as the price of the product changes. This responsiveness results in elastic demand curves, where a small change in price leads to a large change in quantity demanded.

If Consumers Are Price Sensitive,then