Suppose there is a major technological issue in the production of a good that causes production costs and prices to rise. If demand for the product is relatively inelastic, what will happen in the market

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wavychels7049 wavychels7049

01-03-2022
Business

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Suppose there is a major technological issue in the production of a good that causes production costs and prices to rise. If demand for the product is relatively inelastic, what will happen in the market

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Parrain Parrain · Answer 1 · 2022-03-04T10:04:13+01:00

If the market for a good that sees its production costs and prices rise is inelastic, the quantity demanded will not change.

What is inelastic demand?

A good that has inelastic demand is one that will not see its demand change much when there is a price change.

This means that demand remains more or less the same even if prices rise. Examples of such goods are water and food. The product above will therefore not see its demand change by much.

Find out more on inelastic demand at https://brainly.com/question/24384825.