The given statement about inelastic demand is true. Therefore, the results found by the researchers are correct. Hence, there is a strong correlation between willingness to tolerate and customer satisfaction.
<h3>What is inelastic demand?</h3>
Demand is said to be inelastic if it does not change as other economic factors do.
Demand for goods and services that consumers have many options for is typically elastic, whereas demand for goods and services that consumers have few options for is typically inelastic.
When an item or service's quantity remains constant when its price increases, it is said to be "inelastic." When a good or service's price increases or decreases, consumers' purchasing patterns essentially stay the same.
The same is true when the price of the good or service decreases. Utilities, prescription medications, and tobacco products have the most prevalent inelastic demand among all goods.
In general, luxury products tend to be the most elastic, whereas basics like food and medicine tend to be inelastic.
Therefore, the given statement is "true."
Check out the link below to learn about inelastic and elastic demand;
brainly.com/question/14802467
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