Question

if consumers believe they need a product and are willing to pay for it regardless of price, that means the products demand is _________.
elastic
variable
unstable
inelastic
question 6
3 pts
the price that consumers pay for a product is called the _________.
wholesale price
fixed price
unit price
retail price

Explanation:

• For the first question, when consumers are willing to pay regardless of price, it means the quantity demanded does not change much with price changes, which is the definition of inelastic demand.
• For the second question, the price consumers pay for a product is the retail price. It is the final - stage price in the distribution chain.

Answer:

1. D. inelastic
2. D. retail price