If demand changes considerably,we say that the demand is ________.
A) equal
B) elastic
C) inelastic
D) marginal
E) none of the above

Question

Quizplus · Accepted Answer

When demand changes considerably in response to a change in price or other factors, we say that the demand is elastic. This means that the quantity demanded is very sensitive to changes in price or other variables. In contrast, if demand is relatively unaffected by changes in price or other variables, we say that it is inelastic.

If Demand Changes Considerably,we Say That the Demand Is ________