Question

In economics, if a good is inelastic,
A) its supply or demand is not sensitive to price changes.
B) consumers have lost an interest in purchasing it.
C) producers have lost an interest in manufacturing it.
D) its supply or demand is too sensitive to price changes.

Answer 1

Heyyy

In economics if a good is inelastic, then there is no change in its supply or demand whether the price increases or decreases. It happens in the goods which are necessity of our life.

Hope it helps you

Answer 2

a) is the answer
if a good or a commodity is inelastic in nature then price or supply has no effect on demand.
for eg. petrol - whether price increase or decrease it will have very less effect on the consumption of petrol. its a daily requirement and has no alternative