What Does the Term Elastic Demand Mean

question 34

Multiple Choice

What does the term elastic demand mean?

• A)Quantities demanded which are not very responsive to a change in price.
• B)The responsiveness of quantity demanded to a change in price.
• C)An elasticity coefficient which is equal to one.
• D)Quantities demanded which are quite responsive to a change in price.
• E)The responsiveness of price to a change in quantity demanded.

---

Definitions:

Dichotomous

Divided or dividing into two sharply distinguished parts or classifications.

Dentist

A healthcare professional specializing in diagnosing, preventing, and treating diseases and conditions of the oral cavity.

Past Twelve Months

A time frame referring to the most recent year period leading up to the present moment.

Closed-End Question

A question structured to require a simple, direct answer, often yes or no, without elaboration.