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When the percentage change in the quantity demanded exceeds the percentage change in price then demand is?
If the percentage change in quantity demanded is greater than the percentage change in price, demand is said to be price elastic, or very responsive to price changes.
When the percentage change in the quantity demanded is larger than the percentage change in price the demand is quizlet?
Demand is elastic when the percentage change in quantity demanded is greater than the percentage change in price, So the price elasticity is greater than 1 in absolute value.
When the percentage change in the quantity supplied exceeds the percentage change in price?
Demand is elastic if the percentage change in the quantity demanded exceeds the percentage change in price. If the percentage change in the quantity demanded equals the percentage change in price.
When the percentage change in the quantity demanded is less than the percentage change in price then demand is quizlet?
Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price, so the price elasticity is less than 1 in absolute value.