Question

If a customer buys more of a product when the prices are low and less when prices are high the demand price is? A. Efficient b. Elastic c. Adequate d. Inelastic

Answer 1

If a customer buys more of a product when the prices are low and less when prices are high, it indicates that the quantity demanded responds significantly to changes in price. This behavior suggests that the demand for the product is **b. Elastic**. Elastic demand means that consumers are sensitive to price changes.