Multiple Choice
Demand is elastic if
A) consumers respond strongly to changes in the product's price.
B) a large percentage change in price brings about a small percentage change in quantity demanded.
C) a small percentage change in price brings about a small percentage change in quantity demanded.
D) the quantity demanded is not responsive to price changes.
E) the demand curve is vertical.
Correct Answer:
Verified
Correct Answer:
Verified
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