Demand for a product is said to be elastic if a change in price has a substantial effect on the number of units sold.

Name: Demand for a product is said to be elastic if a change in price has a substantial effect on the number of units sold.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Elasticity of demand refers to the responsiveness of quantity demanded to a change in price. If the quantity demanded changes significantly in response to a small change in price, the demand is said to be elastic. So, the statement is true.

Demand for a Product Is Said to Be Elastic If