Asked by Cameron Tully on Sep 24, 2024
Verified
The demand for insulin is typically_________________ than the demand for a large screen TV.
A) More elastic
B) More inelastic
C) Less elastic
D) Less inelastic
Demand for Insulin
The requirement or need for insulin, a vital hormone used in the treatment of diabetes, by patients or healthcare providers.
Large Screen TV
A type of television with a screen size typically larger than 55 inches, popular for enhancing viewing experiences.
More Inelastic
Describing a situation where the demand for a good or service is less sensitive to changes in price, indicating consumers are less likely to reduce their quantity demanded as the price increases.
- Grasp the dynamics between alterations in price and the flexibility of demand.
Verified Answer
JM
Jessica Malcomb3 days ago
Final Answer :
B
Explanation :
Insulin is a necessity for those who require it to regulate their blood sugar levels, meaning that even if the price of insulin were to increase, people would still have to purchase it. Therefore, the demand for insulin is considered to be more inelastic than the demand for a large screen TV. The demand for a large screen TV is more elastic because it is considered to be a luxury item that people can choose to buy or not buy based on price changes.
Learning Objectives
- Grasp the dynamics between alterations in price and the flexibility of demand.