If quantity demanded does not respond significantly to a relatively large change in price, demand is:
A)price-elastic.
B)price-inelastic.
C)positively sloped.
D)insensitive to changes in price.

Question

Quizplus · Accepted Answer

If quantity demanded does not respond significantly to a relatively large change in price, demand is said to be price-inelastic. This means that consumers are not very sensitive to changes in price and will continue to purchase the good even if the price increases.

If Quantity Demanded Does Not Respond Significantly to a Relatively