Asked by Caitlin Minton on Jun 25, 2024

verifed

Verified

If someone did not regard health care as very important,often using home remedies and other substitutes,his or her demand curve for health care would most likely be more _____ than that of other people.

A) price-elastic
B) price-inelastic
C) upward-sloping
D) bowed-out

Price-elastic

Descriptive of a product or service for which demand significantly increases or decreases as the price changes.

Health Care

The organized provision of medical services to individuals or communities to maintain or improve their health.

  • scrutinize the factors that influence how demand responds to price changes, including the accessibility of replacement goods and the portion of the budget spent on the commodity.
  • Analyze the effect of the type of goods (essentials vs. non-essentials) on the elasticity of price demand.
verifed

Verified Answer

LO
Larry OmelaJun 30, 2024
Final Answer :
A
Explanation :
If someone does not see health care as very important and resorts to home remedies and substitutes, it indicates they are more likely to be price-sensitive when it comes to health care. This means that a small increase in the price of health care services would make them significantly reduce their demand for such services. Therefore, their demand curve for health care would be more price-elastic compared to other people who see health care as important and are willing to pay more for it.