30. Demand is said to be inelastic if a. buyers respond substantially to changes

Question

30. Demand is said to be inelastic if

a. buyers respond substantially to changes in the price of thegood.

b. demand shifts only slightly when the price of the goodchanges.

c. the quantity demanded changes only slightly when the price ofthe good changes.

d. the price of the good responds only slightly to changes indemand.

31. A person who takes a prescription drug to control highcholesterol most likely has a demand for that drug that is

a. inelastic.

b. unit elastic.

c. elastic.

d. highly responsive to changes in income.

Explanation / Answer

a,c

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