If the quantity demanded changes by a relatively small amount for a given change in price, then demand is
A) perfectly inelastic.
B) perfectly elastic.
C) elastic.
D) inelastic.

Question

Quizplus · Accepted Answer

When the quantity demanded changes by a relatively small amount for a given change in price, the demand is considered inelastic. This means consumers are not very responsive to price changes.

If the Quantity Demanded Changes by a Relatively Small Amount