If demand is price inelastic, then

a. buyers do not respond much to a change in price.

b. buyers respond substantially to a change in price, but the response is very slow

c. the demand curve is very flat

d. nothing happens

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Nusrat FatimaLv10

10 Jan 2021

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Related questions

If demand is price inelastic, then:

1. Firms can earn more revenue by increasing their price if demand elasticity remains less than 1.

2. The demand curve is very flat

3. Firms in this market have a large amount of market power

4. Buyers respond substantially to a change in price, but the response is very slow

limegoldfish893

32. What does a perfectly inelastic demand imply? a. Buyers decrease their purchases when the price rises. b. Buyers purchase the same amount when the price rises or falls. C Buyers increase their purchases only slightly when the price falls. d. Buyers respond substantially to an increase in price.

A perfectly inelastic demand implies that buyers

a. decrease their purchases when the price rises.

b. respond substantially to an increase in price

c. increase their purchases only slightly when the price falls.

d. purchase the same amount as before when the price rises or falls