Consider a medical breakthrough that led to the discovery of a simple microchip which when inserted inside the human ear could prevent certain chronic diseases.The price elasticity of demand for that microchip would most likely be _____.
A)very elastic
B)very inelastic
C)infinite
D)negative only for high prices
E)positive only for high prices

Question

Quizplus · Accepted Answer

The demand for a life-saving or health-improving medical device is typically very inelastic because consumers will prioritize purchasing it regardless of price.

Consider a Medical Breakthrough That Led to the Discovery of a Simple