If demand is elastic,
A)then it changes very little in response to a price change.
B)then it changes significantly in response to a price change.
C)then demand is zero.
D)then demand is infinite.

Question

Quizplus · Accepted Answer

If demand is elastic, it means that a change in price will have a significant impact on the quantity demanded. In other words, consumers are sensitive to price changes and will adjust their purchasing habits accordingly. This is in contrast to inelastic demand where changes in price have little effect on the quantity demanded.

If Demand Is Elastic