what situation is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand?

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11-05-2022
Business

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what situation is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand?

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Demand is price elastic, is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand.

What is price elastic?

Price elastic of demand means the measurement of the product's demand with respect to its price.

It is common that if the price of a product will increase, the demand will fall, but some products demand fall more than other products, which is measure by price elastic in demand.

Thus, the correct option is demand is price elastic.

Learn more about demand is price elastic.

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