Multiple choice general knowledge science & technology

A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that is

  1. inelastic

  2. unit elastic.

  3. elastic.

  4. highly responsive to changes in income.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A person taking prescription drugs for high cholesterol has inelastic demand because the medication is essential for health with no good substitutes. Demand is unresponsive to price changes - they will likely continue purchasing it even if prices rise.

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