Question

If a section of a demand curve is elastic, what will happen to the quantity demanded if there is an increase in price? (1 point)
• There will be a demand decrease less than the size of the price change.
• There will be a demand decrease greater than the size of price change.
• There will be no change in demand.
• There will be an increase in quantity demanded.

Answer 1

There will be a demand decrease greater than the size of the price change.