Demand is said to be ______________ when a small change in price produces a large change in demand,while it is said to be ______________ when a large change in price produces only a small change in demand.
A) inelastic; elastic
B) small; large
C) large; small
D) elastic; inelastic
E) changeable; resistant

Question

Quizplus · Accepted Answer

Demand is elastic when a small change in price leads to a large change in the quantity demanded, and it is inelastic when a large change in price leads to a small change in the quantity demanded.

Demand Is Said to Be ______________ When a Small Change