3
QuizMultiple Choice

Profit

Question 3 • 2102320-Economics HONORS - Edgenuity Teacher

In economics, if a good is inelastic,

Answer
A
consumers have lost an interest in purchasing it.
B
producers have lost an interest in manufacturing it.
C
its supply or demand is too sensitive to price changes.
D
its supply or demand is not sensitive to price changes.

Explanation

A good is inelastic when the quantity supplied or demanded changes very little in response to a price change. Therefore, its supply or demand is not sensitive to price changes. Choice C describes elastic behavior, which is sensitive to price changes.

AI-written and checked against the verified answer.

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