Demand is said to be __________ when the quantity demanded is not very responsive to changes in price. Group of answer choices unit elastic independent inelastic elastic

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02-06-2021
Business

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Demand is said to be __________ when the quantity demanded is not very responsive to changes in price. Group of answer choices unit elastic independent inelastic elastic

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Priatouriidn Priatouriidn · Answer 1 · 2021-06-03T21:01:44-04:00

Answer:

Inelastic

Explanation:

Inelastic is the correct answer because elasticity is the magnitude that exhibits the responsiveness of demand for the commodity when there is a change in price. For example, if the price changes by 100% and due to the change in price, the change in quantity is only 10%. Then it can be deduced that the elasticity is inelastic because the percentage is lower than the percentage in price.

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