If the price elasticity of demand is elastic, then:
A) Ed
B) consumers are relatively not very responsive to a price increase.
C) an increase in the price will increase total revenue.
D) there are likely a large number of substitute products available.

Question

Quizplus · Accepted Answer

If the price elasticity of demand is elastic, it means that consumers are very responsive to price changes and tend to switch to substitute products when the price of a good or service increases. Thus, there are likely a large number of substitute products available.

If the Price Elasticity of Demand Is Elastic, Then