If demand is inelastic,then
A)buyers do not respond much to a change in price.
B)buyers respond substantially to a change in price, but the response is very slow.
C)buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes.
D)the demand curve is very flat.

Question

Quizplus · Accepted Answer

Inelastic demand means that buyers do not respond much to a change in price, meaning that a change in price has a relatively small impact on the quantity demanded. Therefore, choice A is the best answer.

If Demand Is Inelastic,then