When the percentage change in quantity demanded resulting from a price change is less than the percentage change in price, demand is said to be
A) perfectly elastic
B) zero elastic.
C) unit elastic.
D) inelastic
E) elastic.

Question

Quizplus · Accepted Answer

When the percentage change in quantity demanded resulting from a price change is less than the percentage change in price, demand is said to be inelastic. This means that consumers are not very responsive to changes in price, and so changes in price will not have a large impact on the quantity of goods or services demanded.

When the Percentage Change in Quantity Demanded Resulting from a Price