Inelastic demand occurs when price has very little to do with how much of a product people will buy. It usually occurs with products people buy every day.
For example, if the price of toilet paper went down people cannot use more so they won’t buy more. If the price of toilet paper went up, people would still buy it because they need it.
Sign Up to Learn More!
Join our mailing list today to get notified of new discount offers, course updates, Roger CPA Review news, and more!