Asked by
shizuka Hananoko
on Oct 12, 2024
Verified
If consumers are price sensitive,then
A) they will have elastic demand curves.
B) they will have inelastic demand curves.
C) they will have no demand curve.
D) they will not shop around very much.
E) they likely perceive no close substitutes.
Price Sensitive
A term describing how the demand for a product changes in response to price changes; consumers are highly reactive to changes in price.
Elastic Demand
A situation in which the demand for a product or service significantly changes in response to a change in its price.
- Classify demand into inelastic, unit elastic, and elastic categories through the assessment of elasticity values.
Verified Answer
JR
Learning Objectives
- Classify demand into inelastic, unit elastic, and elastic categories through the assessment of elasticity values.