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State Whether the Following Statements Are True Or False with Reason: Demand for Medicine is Inelastic. - Economics

State whether the following statements are True or False with reason: 

Demand for medicine is inelastic. 

 

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Solution

True, demand for medicine is inelastic.
Explanation:
Medicine is a good whose demand is inelastic. This is because even if the price of a medicine changes, its quantity demanded would not change as it is a necessity good. 

Concept: Types of Demand
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