If a Product Has an Elastic Demand,this Means That

question 61

Multiple Choice

If a product has an elastic demand,this means that:

• A)consumers are relatively sensitive to a change in the price of the product.
• B)consumers are relatively insensitive to a change in the quantity demanded.
• C)consumers are relatively insensitive to a change in the price of the product.
• D)producers are relatively insensitive to a change in the price of the product.
• E)producers are relatively sensitive to a change in the quantity demanded.

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Definitions:

Variations

Differences or deviations in characteristics, form, or structure within a population or between individuals or groups.

Phonemes

The smallest unit of sound in a language that can differentiate one word from another.

Morphemes

Are the smallest grammatical units in a language that carry meaning, including words, prefixes, and suffixes.

Increase

A rise or growth in quantity, size, intensity, or another measure.