The price elasticity ofdemand for insulin is:
A) likely to be perfectly inelastic over some range of prices.
B) perfectly elastic.
C) a large portion of someone's income.
D) low relative to the supply.

Question

Quizplus · Accepted Answer

Insulin is a life-saving medication for people with diabetes, and there are no close substitutes available. Therefore, the demand for insulin is likely to be perfectly inelastic over some range of prices, meaning that changes in price will not significantly impact the quantity demanded. However, it is important to note that this may not hold true for all individuals, as the price elasticity of demand may vary depending on factors such as income level and access to health insurance.

The Price Elasticity Ofdemand for Insulin Is