If Recent Sharp Increases in the Price of a Life-Saving

question 44

Multiple Choice

If recent sharp increases in the price of a life-saving drug have had only a small effect on the amount of the drug purchased, then the demand for the drug is said to be:

• A)relatively elastic.
• B)relatively inelastic.
• C)unit elastic.
• D)perfectly inelastic.
• E)perfectly inelastic

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