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babunello [35]
3 years ago
15

Which situation best illustrates the concept of elastic demand for a product?

Business
2 answers:
miss Akunina [59]3 years ago
4 0

Answer:

A a reasturaunt sees fewer customers each month

Explanation:

marissa [1.9K]3 years ago
3 0

Answer:

D. A restaurant begins to see fewer customers each month after

raising its prices.

Explanation:

Elastic demand describes a situation where the demand for a good or service experiences big changes due to a small price change. It means the change in demand is not proportionate to the price change.

The term elastic demand implies a stretching demand. A restaurant seeing fewer customers after raising its prices is an example of Elastic demand. The increase in prices of the restaurant products has caused a significant decline in demand.

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