For many people with diabetes, insulin would have an elasticity of demand of:
A) infinity.
B) one.
C) zero.
D) greater than one.
E) indeterminate.

Question

Quizplus · Accepted Answer

Insulin has an elasticity of demand close to zero for many people with diabetes because it is a necessary medication for their survival, making their demand highly inelastic. They will need to purchase it regardless of price changes.

For Many People with Diabetes, Insulin Would Have an Elasticity