multiple choice question\nwhich of the following would most exemplify perfectly inelastic demand?\n\na…
multiple choice question\nwhich of the following would most exemplify perfectly inelastic demand?\n\na diabetics demand for insulin\n\nsmokers need for cigarettes\n\ndrivers demand for gasoline\n\na mining firm selling its output in a purely competitive market
Answer
Brief Explanations:
Perfectly inelastic demand means that quantity demanded does not change regardless of price. A diabetic needs insulin to survive and will buy it regardless of price changes. Smokers can reduce or quit, drivers can use less gas or change vehicles, and a mining - firm's output demand is affected by market competition and price.
Answer:
A. A diabetic's demand for insulin