The demand for a good is relatively elastic if the responsiveness of consumers to a change in the price of ________.
A) the good is high
B) the good is low
C) a related good is low
D) a related good is high

Question

Quizplus · Accepted Answer

When the demand for a good is relatively elastic, it means that consumers are highly responsive to changes in the price of the good. They are more likely to decrease their quantity demanded significantly if the price increases even slightly.

The Demand for a Good Is Relatively Elastic If the Responsiveness