When demand is inelastic: consumers are not very responsive to changes in price. demand curves appear to be fairly flat. price elasticity of demand is greater than 1. the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price.

Question

When demand is inelastic: consumers are not very responsive to changes in price. demand curves appear to be fairly flat. price elasticity of demand is greater than 1. the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price.

Answer 1

When demand is inelastic, consumers are not very responsive to changes in price. This means that the quantity demanded does not change significantly when the price changes. In this case, the price elasticity of demand is less than 1, indicating that the percentage change in quantity demanded is smaller than the percentage change in price. Therefore, the correct statement is:- Consumers are not very responsive to changes in price.

Problemas

When demand is inelastic: consumers are not very responsive to changes in price. demand curves appear to be fairly flat. price elasticity of demand is greater than 1. the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price.

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