Asked by
Loregie Vargas
on Dec 11, 2024
Verified
When economists say the demand for a good is highly inelastic, they mean that
A) even if the price rose substantially, suppliers would be unwilling to offer much more of the good.
B) the facilities utilized by producers of the good are inflexible; producers cannot easily expand their facilities, even in the long run.
C) consumers will respond to a change in the price of the good by purchasing substantially more of it.
D) a large (percentage) change in the price of a good will result in only a small (percentage) change in the quantity demanded.
Highly Inelastic
Describing a situation where the quantity demanded or supplied changes very little in response to changes in price.
Quantity Demanded
The amount of a product consumers are willing to buy at a specific price, differentiating from the total market demand.
- Discern how the adjustment of prices affects the demanded quantity of products.
Verified Answer
MH
Learning Objectives
- Discern how the adjustment of prices affects the demanded quantity of products.