If a product's price rises by 6% and its quantity demanded falls by 8%, then we can say that demand for this product is
A) perfectly inelastic.
B) inelastic.
C) unitary elastic.
D) elastic.

Question

Quizplus · Accepted Answer

The demand is considered elastic when the percentage change in quantity demanded is greater than the percentage change in price, which is the case here (8% decrease in quantity demanded with a 6% increase in price).

If a Product's Price Rises by 6% and Its Quantity