Elastic demand is a characteristic of demand for a good where, at a given price, a 1% change in the price of a good leads to ____________ 1% change in the quantity demanded of that good.
A) a more than
B) a less than
C) exactly a

Question

Quizplus · Accepted Answer

Elastic demand means that the quantity demanded of a good is very responsive to changes in price. Therefore, a 1% change in price will lead to a more than 1% change in the quantity demanded.

Elastic Demand Is a Characteristic of Demand for a Good