A product-service for which customers are willing to pay any price has an elastic demand.

Name: A product-service for which customers are willing to pay any price has an elastic demand.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An elastic demand means that customers are sensitive to changes in price and therefore, if the price increases too much, demand will decrease significantly. If customers are willing to pay any price, it suggests that there is a low sensitivity to price and therefore, a relatively inelastic demand.

A Product-Service for Which Customers Are Willing to Pay Any