Question

Consider these situations. In each situation, is the demand for the good elastic or inelastic?

Answer 1

elastic

inelastic

inelastic

was correct

Step-by-step explanation:

Answer 2

A) elastic

B) inelastic

C)inelastic

Step-by-step explanation:

A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.