If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively
A) inelastic.
B) elastic.
C) robust.
D) inverse.

Question

Quizplus · Accepted Answer

If consumer purchases of a good are highly sensitive to the price of the good, economists say the demand for the good is relatively elastic. This means that a small change in the price of the good will lead to a relatively large change in the quantity demanded.

If Consumer Purchases of a Good Are Highly Sensitive to the Price