The demand for health care is highly elastic with respect to both price and income.

Question

Quizplus · Accepted Answer

The demand for health care is generally considered to be relatively inelastic with respect to price because people will seek necessary medical care regardless of cost. Additionally, while health care demand may increase with income, it does not typically do so at a rate that would classify it as highly elastic with respect to income.

The Demand for Health Care Is Highly Elastic with Respect