If demand hardly changes with a small change in price,we say the demand is ________.
A)variable
B)inelastic
C)value-based
D)at breakeven pricing
E)market penetrating

Question

Quizplus · Accepted Answer

When demand is inelastic, it means that the quantity demanded does not change significantly in response to a change in price. This typically occurs for products or services that are considered necessities or are perceived as having few substitutes.

If Demand Hardly Changes with a Small Change in Price,we