Which is an example of something that is inelastic?

A. A type of hamburger

B. A type of cancer medication

C. A type of watch

B. A type of cancer medication

Explanation:

"Inelastic" is an economic term for a type of good or product. For an inelastic good, the demand for the product will remain the same regardless of the increase or decrease in its price. Of the three options given here, a watch and a hamburger are consumer goods. If their prices increase people will buy them less and the demand for them will fall. But a cancer medication isnt optional. Cancer patients dont make their decisions based on the price of the medication. Or they wont buy more if it becomes cheaper. Demand for the medication will remain the same regardless of its price.

B. A type of cancer medication