If the percentage change in quantity demanded is greater than the percentage change in price,we would say that over this range,demand is:
A)elastic.
B)unit elastic.
C)inelastic.
D)perfectly inelastic.

Question

Quizplus · Accepted Answer

When the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be elastic. This means that consumers are highly responsive to changes in price, resulting in a relatively large change in quantity demanded.

If the Percentage Change in Quantity Demanded Is Greater Than