Asked by
viviana santamaria
on Dec 17, 2024
Verified
Demand for a good is said to be inelastic if the quantity demanded increases slightly when the price falls by a large amount.
Inelastic
Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.
- Differentiate the characteristics of inelastic demand from those of elastic demand.
Verified Answer
NV
Learning Objectives
- Differentiate the characteristics of inelastic demand from those of elastic demand.