What does inelastic demand mean
A)consumers hardly respond to a change in price.
B)consumers respond substantially to a change in price.
C)consumers respond directly to a change in income.
D)change in quantity demanded is equal to the change in price.

Question

Quizplus · Accepted Answer

Inelastic demand means that consumers hardly respond to a change in price, which results in a small change in quantity demanded. This is because products with inelastic demand are considered necessities or have no close substitutes, and consumers are willing to pay the same price even if it increases.

What Does Inelastic Demand Mean