If demand is highly responsive to a change in price, we say the demand is ________.
A) variable
B) inelastic
C) value-based
D) elastic
E) fixed

Name: If demand is highly responsive to a change in price, we say the demand is ________. A) variable B) inelastic C) value-based D) elastic E) fixed
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Quizplus · Accepted Answer

When demand is highly responsive to a change in price, it means that even a small change in price can lead to a significant change in the quantity demanded. This is known as elastic demand.

If Demand Is Highly Responsive to a Change in Price