When consumers are sensitive to price changes,which of the following occurs?
A) elastic demand
B) inelastic supply
C) elastic supply
D) inelastic demand

Name: When consumers are sensitive to price changes,which of the following occurs? A) elastic demand B) inelastic supply C) elastic supply D) inelastic demand
Brand: Quizplus
Rating: 4.7 (39 reviews)

Question

Quizplus · Accepted Answer

When consumers are sensitive to price changes, it means that a small change in price leads to a large change in the quantity demanded, which is the definition of elastic demand.

When Consumers Are Sensitive to Price Changes,which of the Following