Which of the following products has inelastic demand?

Inelastic demand refers to a situation where the quantity demanded of a product does not change significantly in response to price changes. This is typical for essential goods or services, particularly those that are necessities for consumers.

Cancer medication exemplifies inelastic demand because it is crucial for patients who need it to manage their health or survive. Even if the price increases, patients will typically continue to buy the medication because there are no close substitutes, and it is vital for their well-being. The urgency of healthcare needs means that consumers often prioritize such essential products over others, making their demand relatively insensitive to price fluctuations.

In contrast, products like luxury cars, smartphones, and fashion apparel tend to have more elastic demand. Consumers can choose to delay purchase, seek alternatives, or forego these products altogether if prices rise, demonstrating a greater responsiveness to price changes compared to essential medication.