To say that demand is elastic means that
A) people do not like the good very much.
B) quantity demanded not very responsive to price changes.
C) relatively small changes in price lead to relatively large changes in quantity demanded.
D) relatively small changes in quantity demanded lead to relatively small changes in price.

Question

Quizplus · Accepted Answer

Elastic demand means that a relatively small change in price will lead to a relatively larger change in quantity demanded. This suggests that consumers are quite responsive to changes in price, and are likely to seek out cheaper alternatives if the price of a certain good or service increases.

To Say That Demand Is Elastic Means That