If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic.

Name: If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic.
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If a large change in price leads to a small change in quantity demanded, then demand is said to be inelastic. Elastic demand occurs when a small change in price leads to a large change in quantity demanded.

If a Huge Percentage Change in Price Leads to a Small