If the price of the product falls by five percent and the volume of sales increases by eight percent,the demand for the product is

Name: If the price of the product falls by five percent and the volume of sales increases by eight percent,the demand for the product is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The demand is price elastic because the percentage increase in sales volume (8%) is greater than the percentage decrease in price (5%), indicating that consumers are responsive to price changes.

If the Price of the Product Falls by Five Percent