If the demand for a product is elastic, then a. The percentage change in price is greater than the percentage change in quantity demanded. b. The change in the quantity demanded is greater than the change in income. c. Buyers are not very sensitive to a change in price. d. The percentage change in quantity demanded is greater than the percentage in price.
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Step 1: Elastic demand means that the percentage change in quantity demanded is greater than the percentage change in price. Show more…
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