economic lowdown video series—video 2: factors that influence price elasticity of demand\n6 of 6\nwhich of…

economic lowdown video series—video 2: factors that influence price elasticity of demand\n6 of 6\nwhich of the following is an example of a product with relatively price inelastic demand?\nmovie tickets\nluxury watches\nprescription medication\ndesigner handbags

economic lowdown video series—video 2: factors that influence price elasticity of demand\n6 of 6\nwhich of the following is an example of a product with relatively price inelastic demand?\nmovie tickets\nluxury watches\nprescription medication\ndesigner handbags

Answer

Brief Explanations:

Price - inelastic demand means that changes in price have a relatively small effect on the quantity demanded. Prescription medication is a necessity for many people, and they will still buy it even if the price changes. Movie tickets, luxury watches, and designer handbags are more discretionary purchases and have more elastic demand.

Answer:

C. Prescription medication