Suppose the price of beans rises from $1.00 a pound to $2.00 a pound,quantity demanded falls from 10 units to 6 units.In this example,the demand for beans is said to be
A)relatively elastic.
B)relatively inelastic.
C)perfectly elastic.
D)perfectly inelastic.

Question

Quizplus · Accepted Answer

The demand for beans is relatively inelastic because the percentage change in quantity demanded is less than the percentage change in price, indicating that consumers are not highly responsive to price changes in this case.

Suppose the Price of Beans Rises from $1