Which of the following is likely to have the most price inelastic demand?
A) camcorders
B) insulin
C) apples
D) devices that remove cores from apples

Question

Quizplus · Accepted Answer

Insulin is a necessary medication for people with diabetes and has no substitutes, so its demand is likely to be price inelastic, meaning that changes in its price will have little effect on the quantity demanded. Apples have substitutes and a change in their price will likely result in consumers purchasing other fruits instead. Camcorders have many substitutes in the form of smartphones and digital cameras, making their demand relatively elastic. Devices that remove cores from apples are not a necessity and have alternatives such as knives, so their demand is likely to be elastic as well.

Which of the Following Is Likely to Have the Most