If the price elasticity of demand for a good is elastic, then consumers are relatively unresponsive with respect to the quantity purchased when the price changes.

Question

If the price elasticity of demand for a good is elastic, then consumers are relatively unresponsive with respect to the quantity purchased when the price changes.
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Quizplus · Accepted Answer

If the price elasticity of demand for a good is elastic, it means that consumers are relatively responsive with respect to the quantity purchased when the price changes. In other words, a small change in price leads to a relatively large change in the quantity demanded.

If the Price Elasticity of Demand for a Good Is