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An item that had an elastic demand might be...?

An item that had an elastic demand might be...?-example-1
User Eomer
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1 Answer

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Answer: diabetes medication

Step-by-step explanation:

An elastic demand is when a change in price brings about a little change or impact on the demand for that product.

A diabetes medication has an elastic demand because even when there's a price change such as maybe if the price increases, the person buying the medicine won't have any choice but will still continue to purchase the drugs at whatever price being offered because it's compulsory.

But for others such as Netflix subscription, gasoline or electric bill, they've an elastic demand as one might choose other alternatives. In this case a price change brings about a large effect on quantity demanded.

User Tiago Duarte
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