Demand for a business product is ____ if a price increase or decrease will not significantly affect that demand.
A) elastic
B) inelastic
C) derived
D) joint
E) separate

Question

Quizplus · Accepted Answer

Inelastic demand means that the quantity demanded is not very sensitive to price changes. If a price increase or decrease has little impact on the quantity demanded, then demand is considered to be inelastic.

Demand for a Business Product Is ____ If a Price