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2 September, 09:12

If the demand for a product is inelastic, which of these statements must be true? a) people will not buy any of the product when the price goes up. b) a price increase does not have a significant impact on buying habits. c) customers are sensitive to the price of the product. d) there are very few satisfactory substitutes for the product.

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  1. 2 September, 09:39
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    The statement that must be true about the demand for a product if it is inelastic is that, a price increase does not have a significant impact on buying habits. The correct answer would be option B. When the demand is inelastic, this situation means that the demand for a product does not decrease nor increase in corresponds to the rise or fall of its price.
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Home » Business » If the demand for a product is inelastic, which of these statements must be true? a) people will not buy any of the product when the price goes up. b) a price increase does not have a significant impact on buying habits.
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