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In the pharmaceutical industry where a diabetic must have insulin no matter what the cost, how is the diabetic's demand considered to be?

A - Perfectly elastic. B - Perfectly inelastic. C - Relatively elastic. D - Relatively inelastic

Accounting Auditing Peachtree
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Question added by محمد الباجوري , Senior ERP Consultant & ERP Project Manager , XERVON GmbH
Date Posted: 2013/06/25
Upvote (6) Views (18) Followers (3) Answers (9) Report Question
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Jay Fresnido
by Jay Fresnido , Total Rewards Analyst (Assistant Manager Level) , Al Futtaim Group

B.
Perfectly inelastic.
If demand for something is perfectly inelastic, then the quantity purchased won't change no matter what the price is.
The insulin for diabetics is said to be a necessity; therefore, demand won't change by price variations.

Saad Bin Asghar
by Saad Bin Asghar , Accounts and Finance Manager , Eastern Biotech and Life Sciences

Perfectly Inelastic

Kokab Rahman
by Kokab Rahman , Managing Director, Head of Business Development , Radeya Business Services http://www.radeya.biz

B - Perfectly inelastic.

Sheharyar Khan, CFA
by Sheharyar Khan, CFA , Investment and Financial Analyst , Bahri & Mazroei Trading Group

Perfectly inelastic

Atta Ullah
by Atta Ullah , Assistant , Asad Fouad Chartered Accountants

B- perfectly inelastic

Neha Saxena
by Neha Saxena , HR Executive Recruitment & Talent Acquisition , Reliance Communications Ltd

A situation that occurs when the overall consumer requirements for a particular good or service do not vary when its price changes.
So its PERECTLY INELASTIC

Tamer Aly Ibrahim Osman Osman
by Tamer Aly Ibrahim Osman Osman , Translator , PEOI Program

D-Relatively inelastic

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