For which of the following is demand likely to be least sensitive to price increases?
A)spring break vacations
B)a specific brand of cereal
C)prescription drugs
D)theater tickets
E)restaurant meals

Question

Quizplus · Accepted Answer

Prescription drugs are often essential for people's health and wellbeing, and therefore demand is less likely to be sensitive to price increases. People may not have the option to switch to a cheaper alternative and may be willing to pay a higher price for the medication they need.

For Which of the Following Is Demand Likely to Be