Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded.
A) a small; large
B) a large; small
C) any; large
D) Both answers A and B are correct.
E) None of the above answers is correct.

Question

Quizplus · Accepted Answer

Demand is price inelastic when a large percentage change in the price leads to a small percentage change in the quantity demanded. This means consumers are less sensitive to price changes.

Demand Is Price Inelastic If ________ Percentage Change in the Price