If a product is inelastic how will consumers respond to a price increase

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asked Dec 18, 2018 17.8k views

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Chrlaura · Answer 1 · 2018-12-23T12:27:51+0000

Consumer demand for the product will stay the same because people need to have it no matter the cost. They will buy it no matter how much the price increases. This applies to things like medicine.

If a product is inelastic how will consumers respond to a price increase

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