The product below which comes closest to having a perfectly inelastic demand is:
A)petrol.
B)cholesterol medication in general.
C)iPhones.
D)bus rides.

Question

Quizplus · Accepted Answer

Cholesterol medication generally has a perfectly inelastic demand because patients who need it must purchase it regardless of price changes, as it is essential for their health. Unlike discretionary items (like iPhones) or services with potential substitutes (like bus rides), the demand for essential medications does not significantly decrease with price increases.

The Product Below Which Comes Closest to Having a Perfectly