Demand is ________ when the price change results in a relatively larger change in quantity demanded. People

Question

Novay_Z [31]

3 years ago

9

Demand is ________ when the price change results in a relatively larger change in quantity demanded. People

________ need products urgently with this type of demand.

Business

1 answer:

Reptile [31] · Answer 1 · 2022-08-05T16:19:21+03:00

Answer:

Demand is Elastic

people don't

Explanation:

when the change in demand is elastic with relatively larger change in quantity demanded it definitely means that the consumers will not be needing the products urgently. this is because a product with an elastic demand is a product not classified as a necessity. it is rather seen as a luxury good.

An Elastic demand is change in the quantity of goods and services exceeds the change in price of the goods or service been offered and many of such goods and services are not essential commodities.

Demand is __________________ when the price change results in a relatively larger change in quantity demanded. People __________

Demand is ________ when the price change results in a relatively larger change in quantity demanded. People