When economists say the demand for a good is highly inelastic, they mean that
A) even if the price rose substantially, suppliers would be unwilling to offer much more of the good.
B) the facilities utilized by producers of the good are inflexible; producers cannot easily expand their facilities, even in the long run.
C) consumers will respond to a change in the price of the good by purchasing substantially more of it.
D) a large (percentage) change in the price of a good will result in only a small (percentage) change in the quantity demanded.

Question

Quizplus · Accepted Answer

When demand is highly inelastic, it means that consumers are not very responsive to price changes, so a large change in price results in only a small change in the quantity demanded.

When Economists Say the Demand for a Good Is Highly