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

Question

Quizplus · Accepted Answer

Demand is considered elastic when the quantity demanded changes significantly in response to price changes. This means consumers are very responsive to price changes, either increasing or decreasing their demand substantially when prices fluctuate.

Demand Is Said to Be _______ When the Quantity Demanded