Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A)"All the brands are exactly the same.I always buy the cheapest."
B)"Coffee is coffee; one brand is as good as the rest."
C)"My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it."
D)"With my limited budget my favorite brand is usually the 'what's on sale' brand."

Question

Quizplus · Accepted Answer

A consumer with very inelastic demand is less sensitive to price changes and is willing to pay more for their preferred brand, indicating a strong preference or perceived superiority of that brand.

Which of the Following Statements Best Represents the Attitude of a Consumer