Which of the following is likely to have the most price inelastic demand?
a. mint-flavored toothpaste
b. toothpaste
c. Colgate mint-flavored toothpaste
The correct answer is b. toothpaste.
Inelastic Demand
Inelastic demand refers to the percentage change in price that affects the total quantity demanded of products and goods. The demand for necessities is usually inelastic.