For demand to be elastic,
A)the percentage change in quantity demanded must be greater than the associated percentage change in price.
B)demand must change with a change in price.
C)the percentage change in quantity demanded must be less than the associated percentage change in price.
D)the percentage change in quantity demanded must be equal to the associated percentage change in price.
E)quantity demanded must change with a change in price.

Question

Quizplus · Accepted Answer

Elastic demand is characterized by a high responsiveness of quantity demanded to changes in price. This means that the percentage change in quantity demanded is greater than the percentage change in price, which is reflected in a demand curve with a relatively flat slope. In other words, consumers are highly sensitive to price changes and will adjust their consumption accordingly.

For Demand to Be Elastic