What term accurately describes demand when the quantity demanded is very responsive to changes in price?
A) independent
B) elastic
C) unit elastic
D) inelastic

Question

Quizplus · Accepted Answer

When demand is elastic, it means that even small changes in price result in significant changes in the quantity demanded. This is because consumers are very responsive to the price changes and may choose to buy a different substitute product or go without the product altogether if the price increases.

What Term Accurately Describes Demand When the Quantity Demanded Is