Asked by
Donald Thomas II
on Dec 11, 2024Verified
Demand will be more inelastic when
A) the time the consumer has to adjust to price changes is short.
B) the price of the good is high.
C) the number of good substitutes is large.
D) the consumption of the good is not very essential.
Inelastic
Describing a situation where the demand for a good or service is relatively unaffected by changes in its price.
Essential Consumption
The purchase and use of goods and services that are considered necessary for basic living and well-being.
- Pinpoint the variables contributing to the greater elasticity or inelasticity of demand.
Verified Answer
DC
Learning Objectives
- Pinpoint the variables contributing to the greater elasticity or inelasticity of demand.