Demand is called elastic when

the percentage change in quantity demanded is less than the percentage change in priceCorrect answerYour answerthe percentage change in quantity demanded is greater than the percentage change in priceCorrect answerYour answerquantity demanded does not changeCorrect answerYour answerprice does not changeCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer B

Correct answer: B

eₚ > 1 means quantity responds more than in proportion to price.

Concept: Elastic demand
Typical timeTypical: 70 s
Your timeYours: —

The rule this testsDegrees of elasticity

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Demand is called elastic when

Explanation