fruitsnaxFTW5426 fruitsnaxFTW5426
  • 19-03-2018
  • Business
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Demand is said to be ___________ when the quantity demanded is very responsive to changes in price. elastic unit elastic inelastic independent

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MrsTriplet MrsTriplet
  • 28-03-2018
Demand is said to be elastic when the quantity demanded is very responsive to changes in price. 

Elasticity is defined as an ability to adapt and change. When the price changes and we measure how demand and quantity change also, we see how it reflect based on price. Price is the driving force of what we are measuring and how many items are demanded. 
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