If demand for a given good is elastic, then a given percentage change in price will bring about a(n) __________ percentage change in quantity __________.
A)larger; demanded
B)smaller; demanded
C)equal; supplied
D)smaller; supplied
E)equal; demanded

Question

Quizplus · Accepted Answer

When demand is elastic, a given percentage change in price results in a larger percentage change in the quantity demanded. This is because consumers are more responsive to price changes when demand is elastic.

If Demand for a Given Good Is Elastic, Then a Given