Which is an example of something that is inelastic? Question 11 options:a type of hamburgera type of cancer medicationa type of cara type of watch

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Social Studies

Bernard Baldwin

1 April, 09:30

Which is an example of something that is inelastic? Question 11 options:a type of hamburgera type of cancer medicationa type of cara type of watch

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Chuckles · Answer 1

a type of cancer medication

Explanation:

Elasticity is a measure of the sensitivity of demand to changes in the price of a good. If demand for a good is elastic, a small increase in price is sufficient to drastically decrease demand. If demand is inelastic, an increase in price does not considerably affect demand. Inelastic goods are often very necessary and irreplaceable, as a cancer-specific drug, which is important for maintaining a patient's life. Thus, even in the face of an increase in the prices of this type of drug, the demand is usually the same.