If demand is inelastic, then: a. buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes. b. the demand curve is very flat. c. buyers respond substantially to a change in price, but the response is very slow. d. buyers do not respond much to a change in price.

Question

Business

Junior Monroe

28 February, 13:53

If demand is inelastic, then: a. buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes. b. the demand curve is very flat. c. buyers respond substantially to a change in price, but the response is very slow. d. buyers do not respond much to a change in price.

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Cheerio · Answer 1

d. buyers do not respond much to a change in price.

Explanation:

Inelastic demand means a stable demand. The phrase elasticity of demand is used to describe how responsive the demand for a service or a product is to changes in prices. Elastic demand means that the demand has stretching attributes. Changes in price will lead to a decrease or an increase in the quantity demand.

Inelastic demand means that changes in price do not have a significant impact on the quantity demanded. Essential goods and services that are necessary for survival, such as food and water, will have inelastic demand. Other items considered crucial such as fuel, oil, and gas will also have inelastic demand. People will have to consume them. A small change in price will not have an impact on demand.