Elastic demand is the type in which a change in price

Agricultural Science

JAMB 2013

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.

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Correct Answer: Option C

Explanation

elastic demand is The variation in demand in response to a variation in price. It may also be defined as the ratio of the percentage change in demand to the percentage change in price of particular commodity. (when the change in price of a commodity, also leads to an equal change in quantity demanded.)

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