Elastic demand is the type in which a change in
price
price
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Correct Answer: Option C
Explanation:
elastic demand is The variation in demand in response to a variation in price. It may also be defined as the ratio of the percentage change in demand to the percentage change in price of particular commodity. (when the change in price of a commodity, also leads to an equal change in quantity demanded.)
elastic demand is The variation in demand in response to a variation in price. It may also be defined as the ratio of the percentage change in demand to the percentage change in price of particular commodity. (when the change in price of a commodity, also leads to an equal change in quantity demanded.)