The demand for a good is elastic.This means that if there is a 10% change in price of this good,________.
A) the quantity demanded will change more than 10%
B) the quantity demanded will change less than 10%
C) the quantity demanded will change 10% as well
D) the quantity demanded will not change at all

Question

Quizplus · Accepted Answer

Elastic demand means that there is a relatively large change in quantity demanded in response to a small change in price. Therefore, if there is a 10% change in price, the quantity demanded will change more than 10%.

The Demand for a Good Is Elastic