If the quantity of a good sold varies greatly from small changes in the price, the good is
A) highly inelastic.
B) unitary elastic.
C) not elastic.
D) highly elastic.

Question

Quizplus · Accepted Answer

When the quantity of a good sold changes significantly in response to small changes in price, the good is considered to be highly elastic. This means that consumers are very sensitive to price changes for that good.

If the Quantity of a Good Sold Varies Greatly from Small