Several companies produce latex gloves that are used in a variety of different industries.If one of the glove manufacturers decreases its price by just a few percentage points,it will result in a significant increase in quantity demanded.The demand for latex gloves is:
A)synergistic.
B)elastic.
C)inelastic.
D)holistic.

Question

Quizplus · Accepted Answer

The fact that a small decrease in price results in a significant increase in quantity demanded indicates that demand is elastic. This means that consumers are price-sensitive and a change in price will have a relatively large impact on their purchasing behavior.

Several Companies Produce Latex Gloves That Are Used in a Variety