When demand is elastic:
A)price elasticity of demand is greater than one.
B)consumers are relatively responsive to changes in price.
C)the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price.
D)all of the above are correct.

Question

When demand is elastic:
A)​price elasticity of demand is greater than one.
B)​consumers are relatively responsive to changes in price.
C)​the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price.
D)​all of the above are correct.

Quizplus · Accepted Answer

When demand is elastic, it means that consumers are relatively responsive to changes in price, resulting in a price elasticity of demand greater than one. Additionally, the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price. Therefore, all of the statements (A, B, and C) are correct.

When Demand Is Elastic