Many people rely on a prescription drug to control their cholesterol. An increase in the price of the drug would have little effect on the quantity demanded because there are no substitutes for the drug and because people who take it have no choice but to continue taking it if they wish to stay healthy. The demand for the cholesterol drug is ________.

Question

Quizplus · Accepted Answer

The description of the situation indicates that the demand for the cholesterol drug is inelastic, meaning that a change in price will have little effect on the quantity demanded.

Many People Rely on a Prescription Drug to Control Their