Demand is price elastic if a
A) relatively large price increase leads to a relatively small decrease in the quantity demanded.
B) relatively small price increase leads to a relatively large decrease in the quantity demanded.
C) price increase leads to a decrease in the quantity demanded.
D) price increase leads to an increase in the quantity demanded.

Question

Quizplus · Accepted Answer

Demand is price elastic if a relatively small price increase leads to a relatively large decrease in the quantity demanded.

Demand Is Price Elastic If a