Apple will not buy more processors from Intel if Intel lowers the price nor will it buy fewer chips if Intel raises the price.This is an example of ________.

Question

Quizplus · Accepted Answer

Inelastic demand means that the quantity demanded of a product doesn't change much in response to changes in price. In this case, Apple's demand for Intel processors is inelastic because they will continue to buy the same amount of processors regardless of price changes, showing that their demand is not influenced by the price.

Apple Will Not Buy More Processors from Intel If Intel