Question

An elastic demand indicates that A. quantity demanded does not vary with changes in the price. B. relatively large changes in price are required to obtain a relatively small change in quantity demanded. C. relatively small changes in price are required to obtain a relatively large change in quantity demanded. D. relatively large changes in quantity demanded lead to relatively large changes in price.

Answer 1

C. relatively small changes in price are required to obtain a relatively large change in quantity demanded.

Step-by-step explanation:

An elastic demand indicates that relatively small changes in price are required to obtain a relatively large change in quantity demanded.