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.
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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