An inelastic demand means thata.the change in quantity demanded is equal to the change in price.b.consumers respond directly to a change in income.c.consumers hardly respond to a change in price.d.consumers respond substantially to a change in price.

Demand is said to be inelastic when:A. the percentage change in quantity demanded is greater than the percentage change in price of a goodB. in a linear demand curve, quantity demanded is close to zero (given the price) so that the percentage change in quantity demanded will be very highC. the percentage change in price exceeds the percentage change in quantity demanded of a goodD. a relatively small change in price results in a relatively big change in quantity demanded

Demand is inelastic ifMultiple Choicethe quantity demanded changes more or less proportionately with the price.the quantity demanded does not change very much even if the price changes dramatically.the demand curve is bowed inward towards the origin.the demand curve is bowed outward away from the origin.

Which situation best illustrates the concept of inelastic demand for a product?A.A watch company raises its prices after a celebrity is seen wearing one of its products.B.A restaurant begins to see fewer customers each month after raising its prices.C.A gas station is forced to quickly raise gas prices when oil gets more expensive.D.A store always sells the same amount of milk each month regardless of the price.

Draw a graph if it would help you answer the question. When demand is perfectly inelastic, there is no change in quantity demanded following a change in priceGroup of answer choicesTrueFalse

A perfectly inelastic demand implies that buyers:Group of answer choicesenjoy paying more for the goodincrease their quantity demanded of the good when the price riseswill continue to buy the same quantity of the good no matter how big the change in pricepurchase none of the good when the price rises