For the same good or service, demand elasticity can be inelastic at very low prices and elastic at very high prices.

Question

Quizplus · Accepted Answer

Demand elasticity varies with price levels; at very low prices, consumers may not significantly increase their quantity demanded (inelastic), while at high prices, small price changes can lead to larger changes in quantity demanded (elastic), reflecting consumers' sensitivity to price changes.

For the Same Good or Service, Demand Elasticity Can Be