If the price of an item increases by 8% while the quantit...
If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
Perfectly elastic
Inelastic
Elastic
Perfectly inelastic
Correct answer is C
Elastic demand is a situation where a change in prices leads to a change in the quantity demanded.
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