If the demand for a life-saving drug was perfectly inelastic and the price doubled,what would happen to the quantity demanded?
A) It would also double.
B) It would decrease by 50 per cent.
C) It would be cut in half.
D) It would remain constant.

Question

Quizplus · Accepted Answer

If the demand is perfectly inelastic, it means that the consumers are willing to pay any price to obtain the drug, as it is a life-saving medication. Therefore, the quantity demanded would not change even if the price doubled, and it would remain constant.

If the Demand for a Life-Saving Drug Was Perfectly Inelastic