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 demand for the cholesterol drug is inelastic because the quantity demanded does not change significantly with a change in price, due to the lack of substitutes and the necessity of the drug for health.

Many People Rely on a Prescription Drug to Control Their