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24 September, 16:31

Which of the following is likely to have the most price inelastic demand? a. white chocolate chip with macadamia nut cookies b. Mrs. Field's chocolate chip cookies c. milk chocolate chip cookies d. cookies

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  1. 24 September, 17:04
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    d. cookies

    Explanation:

    Inelastic demand is when a small change in price does not affect quantity demanded in a significant manner. In other words, should the price increase or decrease by a small percentage, the demand remains relatively constant. The term elastic implies stretching. Elastic demand is a demand that changes significantly should the price change by a small margin.

    Goods that have no close substitutes tend to have inelastic price demand. Buyers will have to do with the product even if the price increases. Necessary goods such as foodstuff also exhibit inelastic price demand. Luxury goods and goods with many substitutes have elastic demand. from the list cookie will have inelastic demand. It is the closest to a food item that has an inelastic demand. The others are luxurious goods and are substitutes for each other.
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