shaymperry646 shaymperry646

29-10-2019
Business

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Demand is said to be elastic if:
a. the price of the good responds substantially to changes in demand.
b. demand shifts substantially when income or the expected future price of the good changes.
c. buyers do not respond much to changes in the price of the good.
d. buyers respond substantially to changes in the price of the good.

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shahzaibnaeem37 shahzaibnaeem37

31-10-2019

Answer:

d. buyers respond substantially to changes in the price of the good.

Elastic demand is when a change in price causes a higher percentage change in the demand of the good, so when buyers respond substantially to changes in price of good it means that the percentage change in the demand is more than the percentage change in price.

Explanation:

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