A Product with an Elastic Demand Means That

Multiple Choice

A product with an elastic demand means that

A) consumers are relatively insensitive to a change in the quantity demanded.
B) consumers are relatively insensitive to a change in the price of the product.
C) consumers are relatively sensitive to a change in the price of the product.
D) producers are relatively insensitive to a change in the price of the product.
E) producers are relatively sensitive to a change in the quantity demanded.