Question

21. Which of the following is the best example of a product with a perfectly inelastic demand? a. the demand for gasoline. b. the demand for tickets in Toronto when the Blue Jays are in the World Series c. demand for insulin for a diabetic. d. the demand for a college education by a student who has a full scholarship to a top school (according to the Maclean's University Rankings). Line tn enter the market for yoga -

Answer 1

Perfectly inelastic demand is an economic condition in which a change in price of a product or service has no impact on the quantity demanded,because the elasticity of demand is equal to zero. By analyzing the meaning of perfectly inelastic demand products I think that option 3(demand for insulin for a diabetic) is the best example for perfectly inelastic demand products because the demand for the rest fluctuates drastically with rise in price. But a diabetic patient will surely take insulin ,even if it's price increases.