What kind of demand is seen when a large change in price produces only a small change in demand?
A)flexible
B)consistent
C)inelastic
D)elastic
E)dynamic

Question

Quizplus · Accepted Answer

When a large change in price produces only a small change in demand, it indicates inelastic demand. This means that there are few substitutes or alternatives available for the product or service, and consumers are willing to pay higher prices to obtain it.

What Kind of Demand Is Seen When a Large Change