If demand for milk is inelastic,consumers will not change their purchasing habits greatly when the price of milk changes.

Name: If demand for milk is inelastic,consumers will not change their purchasing habits greatly when the price of milk changes.
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Question

Quizplus · Accepted Answer

If demand for a product is inelastic, it means that consumers are not very sensitive to changes in price and therefore their purchasing habits are unlikely to change significantly even if the price of the product increases or decreases.

If Demand for Milk Is Inelastic,consumers Will Not Change Their