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9 January, 21:52

What does the term "elastic" describe? the way consumers make substitutions demand whose elasticity is exactly equal to 1 demand that is very sensitive to a change in price demand that is not very sensitive to a change in price

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  1. 9 January, 22:10
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    The correct answer is demand that is very sensitive to a change in price

    Elasticity is a term used to describe the sensitivity to a change in price on demand. It refers to the degree to which consumers change their demand when price changes.
  2. 9 January, 22:16
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    A value that is less than 1 suggests that the demand is insensitive to price. Elasticity is an economic concept used to measure the change in the aggregate quantity demanded for a good or service in relation to price movements of that good or service.
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