Inelastic demand simply means that
A) buyers will not make a modified rebuy purchase.
B) demand depends on how many items are purchased.
C) a price increase or decrease will not significantly change the demand for an item.
D) when price goes up, demand goes down.
E) when supply is reduced, the price will increase.

Question

Quizplus · Accepted Answer

Inelastic demand means that a change in price will not significantly affect the demand for a product. This means that even if the price increases, buyers will still purchase the same amount, and if the price decreases, buyers will still only purchase the same amount.

Inelastic Demand Simply Means That