If makers of snake anti-venom implement significant price increases, it is unlikely to significantly affect the use of anti-venom for treating poisonous snakebites. What term accurately describes the demand for anti-venom among users?
A) unit elastic
B) unit inelastic
C) elastic
D) inelastic

Question

Quizplus · Accepted Answer

Inelastic demand means that the quantity demanded is not very responsive to changes in price. In the case of snake anti-venom, it is a critical and sometimes life-saving treatment for individuals bitten by poisonous snakes. Therefore, even if makers of snake anti-venom implement significant price increases, users are unlikely to significantly reduce their demand for anti-venom, making the demand inelastic.

If Makers of Snake Anti-Venom Implement Significant Price Increases, It