If demand changes greatly with a small change in price, the demand is ________.
A) variable
B) inelastic
C) derived
D) elastic
E) negative

Name: If demand changes greatly with a small change in price, the demand is ________. A) variable B) inelastic C) derived D) elastic E) negative
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Question

Quizplus · Accepted Answer

When demand changes greatly with a small change in price, it is said to be elastic. This means that consumers are very sensitive to changes in price and will significantly adjust their purchasing behavior in response.

If Demand Changes Greatly with a Small Change in Price