If quantity demanded does not respond significantly to a relatively large change in price, demand is: positively sloped. price-elastic. insensitive to changes in price. price-inelastic.
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This is the opposite of price-elastic demand, where quantity demanded changes significantly due to price changes. Secondly, a positively sloped demand curve is not applicable here. In economics, demand curves are typically negatively sloped, indicating that as Show more…
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