Question

Which is an example of something that is inelastic?

Answer 1

The correct answer is B. A type of cancer medication

Explanation:

A product or service is considered inelastic if people buy or require the product/service in the same way despite changes in its price, which means the demand is stable. This commonly occurs with products or services that are necessary to meet basic needs rather than with products or services that people buy as luxuries. According to this, the product that is likely to be inelastic is a type of cancer medication because this would be bought by most patients of cancer no matter if the price of the medication changes, which means the demand is stable. Also, people that do not need this medication would not buy it just because is cheap.

Answer 2

2nd one because it’s I elastic