The total demand for many business goods and services is inelastic; that is, not greatly affected by price changes.

Name: The total demand for many business goods and services is inelastic; that is, not greatly affected by price changes.
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Quizplus · Accepted Answer

This means that even if the price of the product or service increases, the demand for it will remain largely unchanged. This is often the case for products or services that are necessary for the operation of a business, such as utilities or certain types of equipment.

The Total Demand for Many Business Goods and Services Is