A Product with an Inelastic Demand Means That

question 118

Multiple Choice

A product with an inelastic demand means that

• A)consumers are relatively insensitive to a change in the price of the product.
• B)producers are relatively sensitive to a change in the quantity demanded.
• C)consumers are relatively sensitive to a change in the price of the product.
• D)producers are relatively insensitive to a change in the quantity demanded.
• E)consumers are relatively insensitive to a change in the quantity demanded.

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Definitions:

Pituitary

A small, pea-sized gland located at the base of the brain that produces hormones influencing various bodily functions, including growth and reproduction.

Adrenals

Glands located above the kidneys that produce hormones such as adrenaline and cortisol, which regulate stress response and other vital functions.

Hypothalamus

A region of the brain responsible for producing hormones that regulate body temperature, hunger, moods, and the release of hormones from other glands.

Cerebellum

A region of the brain that plays an important role in motor control, and it may also be involved in some cognitive functions such as attention and language as well as in regulating fear and pleasure responses.