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.

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