Demand is said to be ____ when the quantity demanded is very responsive to changes in price.
A)independent
B)inelastic
C)unit elastic
D)elastic

Question

Demand is said to be ____ when the quantity demanded is very responsive to changes in price.
A)​independent
B)​inelastic
C)​unit elastic
D)​elastic

Quizplus · Accepted Answer

Inelastic demand indicates that the quantity demanded of a product is less responsive to changes in price, whereas elastic demand shows that the quantity demanded of a product is highly responsive to price changes. So, when the price of a product changes significantly, and the quantity demanded of that product changes by a considerable amount, it is considered to be elastic demand.

Demand Is Said to Be ____ When the Quantity Demanded