economic lowdown video series—video 2: factors that influence price elasticity of demand\n2 of 6\nif a…
economic lowdown video series—video 2: factors that influence price elasticity of demand\n2 of 6\nif a consumer considers a product a necessity and is likely to continue purchasing it despite price increases, the demand for that product is likely to be:\nprice elastic\nprice inelastic\nunit elastic\nperfectly elastic
Answer
Brief Explanations:
Price - inelastic demand occurs when consumers are relatively unresponsive to price changes. For necessary products, consumers continue to buy them even if prices rise, showing low responsiveness to price changes.
Answer:
Price inelastic