Since there is no substitute for insulin, we would expect the price elasticity of demand for insulin to be
A) elastic
B) inelastic
C) unit elastic
D) zero

Name: Since there is no substitute for insulin, we would expect the price elasticity of demand for insulin to be A) elastic B) inelastic C) unit elastic D) zero
Brand: Quizplus
Rating: 4.8 (44 reviews)

Question

Quizplus · Accepted Answer

Since there is no substitute for insulin, consumers have no other options but to purchase insulin, regardless of its price. Therefore, the price elasticity of demand for insulin is zero.

Since There Is No Substitute for Insulin, We Would Expect