Elastic demand is the type in which a change in
price
a
brings about greater change in quantity of goods demanded
b
of a commodity leads to little or no change in demand
c
leads to equal change in commodity demanded
d
may not change the demand of quantity of commodity.
Explanation
Correct Option
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Discussions (7)
Tim234D
1 year ago
Greetings, The Myschool Team.
The correct answer is A(brings about greater change in quantity of goods demanded) and not C(leads to equal change in commodity demanded). The reason is because in elastic demanded, the change in quantity demanded is greater than the change in demand. Option C describes unitary or neutral elasticity of demand. Thus, the answer is A and not C. Thank you.
MAMMAH03
7 years ago
elastic demand is when a change in price leads to a greater change in quatity demanded
