If the demand for the product does not change with the small change in price then the demand is said to be ________?
Correct answer: D. inelastic
- A. interactive
- B. augmented
- C. elastic
- D. inelastic
Explanation
Demand is inelastic when a price change produces little or no change in quantity demanded. Elastic demand would show a relatively large response to even a small price change.
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