In economics, if a good is inelastic,

A) consumers have lost an interest in purchasing it.

B) producers have lost an interest in manufacturing it.

C) its supply or demand is too sensitive to price changes.

D) its supply or demand is not sensitive to price changes.

Question

Business

Timothy Hodge

9 January, 22:47

In economics, if a good is inelastic,

A) consumers have lost an interest in purchasing it.

B) producers have lost an interest in manufacturing it.

C) its supply or demand is too sensitive to price changes.

D) its supply or demand is not sensitive to price changes.

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Answers (2)

Know the Answer?

Lucero · Answer 1

D) its supply or demand is not sensitive to price changes, is the answer. Goods that are considered to be needs tend to be inelastic when the price changes. the amount produced greatly changes with the price. The more of these items a good requires, the less elastic its supply will be.

Mikayla Stanley · Answer 2

I believe the answer is:D. its supply or demand is not sensitive to price changes.

The products that would be considered as inelastic tend to be the products that considered as 'basic needs' by consumers in the market.

Examples of such product would include Water, food, Gasoline, Cooking oil, Health medicine, etc.

In economics, if a good is inelastic,A) consumers have lost an interest in purchasing it.B) producers have lost an interest in manufacturing it.C) its supply or demand is too sensitive to price changes.D) its supply or demand is not sensitive to price changes.

In economics, if a good is inelastic,

A) consumers have lost an interest in purchasing it.

B) producers have lost an interest in manufacturing it.

C) its supply or demand is too sensitive to price changes.

D) its supply or demand is not sensitive to price changes.