What does it mean if a product has a high level of elasticity?
A. Demand will only increase slightly if prices fall.
B. Demand won't change much, even as the price changes.
C. Demand will continue to rise, even if prices rise.
D. Demand will change in line with the price.

Elasticity is a measure of a variable's sensitivity to a change in another variable, most frequently the change in quantity requested in relation to changes in other factors, such as price. When the elasticity value is larger than [tex]1[/tex], it means that a change in the price of a good or service affects demand more than proportionally. A number less than [tex]1[/tex] indicates that demand is relatively price insensitive, or inelastic. If a product has a high amount of elasticity, demand will change in line with the price.

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What does it mean if a product has a high level of elasticity? A. Demand will only increase slightly if prices fall. B. Demand won't change much, even as the price changes. C. Demand will continue to rise, even if prices rise. D. Demand will change in line with the price.

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What does it mean if a product has a high level of elasticity?
A. Demand will only increase slightly if prices fall.
B. Demand won't change much, even as the price changes.
C. Demand will continue to rise, even if prices rise.
D. Demand will change in line with the price.