When the percentage change in quantity demanded is less than the percentage change in price that brought it about,demand is said to be
A)zero elastic.
B)elastic.
C)unelastic.
D)inelastic.
E)unit elastic.

Question

Quizplus · Accepted Answer

When the percentage change in quantity demanded is less than the percentage change in price that brought it about, demand is said to be inelastic. This means that consumers are not very responsive to changes in price, and will only slightly adjust their quantity demanded in response to a change in price.

When the Percentage Change in Quantity Demanded Is Less Than