When demand is elastic
A) quantity demanded is very responsive to a change in price.
B) quantity demanded is not very responsive to a change in price.
C) the proportional change in quantity demanded is equal to the proportional change in price.
D) producers react quickly to price changes.

Question

Quizplus · Accepted Answer

Elastic demand means that a small change in price leads to a significant change in quantity demanded. This means that consumers are very responsive to price changes and tend to change their buying habits quickly.

When Demand Is Elastic