The Shoe Emporium reduces the price of its shoes by 50% and finds that the quantity demanded for its shoes more than doubles.The demand for shoes from The Shoe Emporium appears to be:

Question

Quizplus · Accepted Answer

When the price of the shoes was reduced by 50%, the quantity demanded more than doubled. This indicates that the demand for shoes from The Shoe Emporium is elastic, as the change in price had a significant impact on the quantity demanded.

The Shoe Emporium Reduces the Price of Its Shoes by 50