Moving along the inelastic portion of a demand curve, a large percentage change in price leads to a smaller percentage change in quantity demanded.

Name: Moving along the inelastic portion of a demand curve, a large percentage change in price leads to a smaller percentage change in quantity demanded.
Brand: Quizplus
Rating: 4.8 (36 reviews)

Question

Quizplus · Accepted Answer

This is the definition of inelastic demand - it means that changes in price have a relatively smaller impact on the quantity demanded.

Moving Along the Inelastic Portion of a Demand Curve, a Large