Question

In a(n) _______ demand scenario, relatively small changes in price will generate fairly large changes in the quantity demanded. elastic inelastic target profit target return competitive parity

Answer 1

Answer: Elastic

Explanation: Elastic demand is when a change in price has an effect on the quantity demanded.

Inelastic demand is when a change in price has no effect on the quantity supplied.

When a small change in price has a significant effect on the quantity supplied, demand is elastic.

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