A situation in which consumer response is sensitive to changes in price exhibits ______ demand.
A) elastic
B) inelastic
C) stagnant
D) fluctuating

Name: A situation in which consumer response is sensitive to changes in price exhibits ______ demand. A) elastic B) inelastic C) stagnant D) fluctuating
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Question

Quizplus · Accepted Answer

Elastic demand refers to a situation where the quantity demanded by consumers changes significantly due to a change in price.

A Situation in Which Consumer Response Is Sensitive to Changes