Which of the following is associated with inelastic demand?
A)a limited amount of time for consumers to respond to a price change
B)availability of many close substitutes
C)large percentage of income spent on the good in question
D)all of the above

Question

Which of the following is associated with inelastic demand?
A)​a limited amount of time for consumers to respond to a price change
B)​availability of many close substitutes
C)​large percentage of income spent on the good in question
D)​all of the above

Quizplus · Accepted Answer

Inelastic demand is often associated with situations where consumers have limited time to respond to price changes, making them less sensitive to price changes. Choices B and C typically relate to elastic demand, where consumers can easily switch to substitutes or the good represents a significant portion of their income, making them more price sensitive.

Which of the Following Is Associated with Inelastic Demand