If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price.

Name: If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price.
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Question

Quizplus · Accepted Answer

When the demand for a product is elastic, a small change in price can lead to a significant change in the quantity demanded. This means that the percentage change in the quantity demanded is greater than the percentage change in price.

If the Demand for a Product Is Elastic, the Quantity