Answered

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If consumers start to believe they need a product, what is likely to happen?
A. The demand becomes less elastic.
B. The demand becomes more elastic.
C. The supply decreases.
D. The price decreases.
Please select the best answer from the choices provided
OA
OB
ос
OD

Sagot :

GinnyAnswer

Final answer:

When consumers believe they need a product, the demand becomes less elastic, showing a less responsive change in quantity demanded with price fluctuations.


Explanation:

When consumers start to believe they need a product, the demand becomes less elastic. This means that even with price increases, the quantity demanded does not decrease proportionally. Essentially, consumer willingness to pay more for the product despite price increases leads to a less elastic demand curve.


Learn more about Elasticity of Demand here:

https://brainly.com/question/37206723


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