If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

  • A perfectly elastic
  • B inelastic
  • C elastic
  • D perfectly inelastic
jamb 2012economics

The correct answer is C. elastic

Elastic demand is a situation where a change in prices leads to a change in the quantity demanded.

Previous question Next question