Respuesta :
Therefore, we would expect Bayer's demand for aspirin to be more price elastic. It is because price elasticity of demand is the responsiveness of quantity demand.
Demand is the amount of goods and services that consumers are willing and able to buy to meet their needs at various price levels and at certain times in the market. Usually, the high demand will affect the price. Conversely, low demand will also make prices lower. The law of demand is a law that explains the existence of a negative relationship between the price level and the quantity of goods demanded. If the price increases, the quantity demanded will decrease, and if the price is low, the quantity demanded will increase. The law of demand is not absolute but has absolute properties under conditions of ceteris paribus (other factors are considered constant).
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