Asked by Shanelle States on Jun 27, 2024
Verified
A perfectly inelastic demand curve for insulin would mean that the quantity demanded does NOT respond at all to changes in the price of insulin.
Perfectly Inelastic
A situation in demand where the quantity demanded does not change in response to a change in price.
Insulin
A hormone produced by the pancreas that regulates blood glucose levels by facilitating the uptake of glucose into tissues, used medically to treat diabetes.
Quantity Demanded
The total amount of a good or service that consumers are willing to buy at a given price level in a given period.
- Ascertain the outcomes associated with perfectly inelastic and perfectly elastic demand curves.
Verified Answer
AW
Anascensia WarrenJun 29, 2024
Final Answer :
True
Explanation :
A perfectly inelastic demand curve means that the quantity demanded remains the same regardless of changes in price. So, the statement "the quantity demanded does NOT respond at all to changes in the price of insulin" is true for a perfectly inelastic demand curve.
Learning Objectives
- Ascertain the outcomes associated with perfectly inelastic and perfectly elastic demand curves.