If demand hardly changes with a small change in price, we say that the demand is
A) profitable.
B) elastic.
C) marginal.
D) inelastic.
E) equal.

Question

Quizplus · Accepted Answer

When demand hardly changes with a small change in price, it signifies that demand is inelastic. Inelastic demand means that the quantity demanded is not significantly affected by a change in price. In contrast, when demand changes significantly with a small change in price, it is referred to as elastic demand, which means that small changes in price result in significant changes in the quantity demanded.

If Demand Hardly Changes with a Small Change in Price