What does the term elastic demand mean?
A)Quantities demanded which are not very responsive to a change in price.
B)The responsiveness of quantity demanded to a change in price.
C)An elasticity coefficient which is equal to one.
D)Quantities demanded which are quite responsive to a change in price.
E)The responsiveness of price to a change in quantity demanded.

Question

Quizplus · Accepted Answer

Elastic demand means that quantities demanded are quite responsive to a change in price. This means that when the price changes, the quantity demanded changes significantly in the opposite direction. This is represented by a high elasticity coefficient.

What Does the Term Elastic Demand Mean