Because there are few substitutes for insulin,we expect the price elasticity of demand for insulin to be fairly elastic.

Question

Quizplus · Accepted Answer

The statement is incorrect. Because insulin is a necessary medication for people with diabetes, the demand for insulin is generally considered to be relatively inelastic. Even if the price of insulin increases, people with diabetes still need it to manage their condition, so they are likely to continue purchasing it at a higher price.

Because There Are Few Substitutes for Insulin,we Expect the Price