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Why is demand in the business market mostly inelastic?
Expert Answer
Demand in the business market is mostly inelastic because even if the price of a product is changed, the demand from a firm remains the same. The organization produces a certain number of units for the market. The demand will thus not change. If an organization produces bikes and there is a change in the price of a part used for manufacturing; the increase in cost is not passed onto the consumer. This holds true in case the price of the product is high
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