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)

Question

Responses

There will be an increase in quantity demanded.
There will be an increase in quantity demanded.

There will be no change in demand.
There will be no change in demand.

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

Answer 1

If a section of a demand curve is elastic, an increase in price will lead to a decrease in quantity demanded that is greater than the size of the price change. Therefore, the correct response would be:

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