Question

when percentage change in demand is more than percentage change in price is called.........​

Answer 1

Answer:

Elastic demand—when the percentage change in the quantity demanded exceeds the percentage change in price (which means the elasticity is greater than 1).

Answer 2

Answer:

When the price elasticity of demand is relatively elastic (−∞ < Ed < −1), the percentage change in quantity demanded is greater than that in price

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