ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demand is considered ____ if there is a small change in quantity demanded when there is a change in price.
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Inelastic
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Elastic
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -An inelastic demand is one in which the change in quantity demanded due to a change in price is small. If the formula creates an absolute value greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.
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