The demand curve is elastic if an increase in price reduces the quantity demanded by only a little.

Name: The demand curve is elastic if an increase in price reduces the quantity demanded by only a little.
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The demand curve is elastic if an increase in price reduces the quantity demanded by a lot, not just a little. If an increase in price only reduces the quantity demanded by a little, then the demand curve is said to be inelastic.

The Demand Curve Is Elastic If an Increase in Price