Consider these situations. In each situation, is the demand for the good elastic or inelastic?

Question

Revolt · Accepted Answer

✔ elastic; As the price of flat-screen televisions decreases, the quantity demanded increases significantly.: elastic; As the price of bread decreases, the quantity demanded changes only slightly.: inelastic; As the price of a drug used to treat heart disease increases, the quantity demanded remains unchanged.: inelastic

The Law of Demand

Consider these situations. In each situation, is the demand for the good elastic or inelastic?

More from this Course