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) unit elastic.
B) zero elastic.
C) unelastic.
D) inelastic.
E) 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 continue to purchase roughly the same quantity of the good regardless of price changes.

When the Percentage Change in Quantity Demanded Is Less Than