If a large percentage change in price leads to a smaller percentage change in quantity demanded, the good has a
A) very elastic demand.
B) less elastic demand.
C) low magnitude of response.
D) high magnitude of response.

Question

Quizplus · Accepted Answer

A smaller percentage change in quantity demanded indicates that consumers are not particularly sensitive to changes in price, suggesting that the good has a less elastic demand.

If a Large Percentage Change in Price Leads to a Smaller