Question

in case of a ________ large change in price leads to very small change in quantity demand .​

Answer 1

Answer:

Inelastic demand occurs when changes in price cause a disproportionately small change in quantity demanded. For example, a good with inelastic demand might see its price increase by 30%, but demand drop by only 10% as a result.

Answer 2

Answer:

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• An elastic good is defined as one where a change in price leads to a significant shift in demand. In general, the more substitutes there are for an item, the more elastic demand for it will be.