If the demand for a good is relatively elastic, this means that consumer purchases of the good are
A) not very sensitive to the price of the good.
B) highly sensitive to the price of the good.
C) unrelated to the price of the good.
D) unaffected by changes in the income level of consumers.

Question

Quizplus · Accepted Answer

When demand is relatively elastic, it means that consumers are highly sensitive to changes in the price of the good, leading to a significant change in the quantity demanded when the price changes.

If the Demand for a Good Is Relatively Elastic, This