When the price elasticity of demand is elastic,a consumer is ________ a change in price.
A) completely unresponsive to
B) relatively unresponsive to
C) unaffected by
D) relatively responsive to
E) completely responsive to

Question

Quizplus · Accepted Answer

When the price elasticity of demand is elastic, a consumer is relatively responsive to a change in price. This means that a small change in price leads to a relatively large change in demand. Consumers are sensitive to price changes and may switch to a substitute product if the price increases.

When the Price Elasticity of Demand Is Elastic,a Consumer Is