If demand hardly changes with a small change in price,we say that the demand is ________.
A) equal
B) marginal
C) inelastic
D) elastic
E) none of the above

Question

Quizplus · Accepted Answer

When demand hardly changes with a small change in price, it indicates that the demand is inelastic. This means that consumers are not very responsive to changes in price and will continue to buy the same amount of the good or service regardless of a small price increase or decrease. In contrast, if a small change in price leads to a significant change in demand, the demand is considered elastic. Therefore, option C is the best choice.

If Demand Hardly Changes with a Small Change in Price,we