Which statement best illustrates the concept of inelastic demand for a product?

A. A farmer tries to grow a variety of different fruits in case the price of one goes down.
B. A truck driver has to buy the same amount of gas each month regardless of price.
C. A watch company raises its prices after a celebrity is seen wearing one of its products.
D. A restaurant begins to see fewer customers each month after raising its prices.

Question

26-06-2024
Business

Answered

Which statement best illustrates the concept of inelastic demand for a product?

A. A farmer tries to grow a variety of different fruits in case the price of one goes down.
B. A truck driver has to buy the same amount of gas each month regardless of price.
C. A watch company raises its prices after a celebrity is seen wearing one of its products.
D. A restaurant begins to see fewer customers each month after raising its prices.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-06-26T21:08:29-04:00

Final answer:

Inelastic demand describes a scenario where quantity demanded stays relatively constant despite price changes. An example of this concept is illustrated by a truck driver who consistently purchases the same amount of gas each month.

Explanation:

Inelastic demand refers to a situation where the quantity demanded does not significantly change in response to price fluctuations. An example of inelastic demand is when a truck driver has to buy the same amount of gas each month regardless of price. This illustrates the concept of inelastic demand because the demand for gas remains constant even if the price changes.

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