question archive If the percentage change in quantity demanded for a product is greater than zero and is smaller than the percentage change in price that caused it, then demand for the good is what?
If the percentage change in quantity demanded for a product is greater than zero and is smaller than the percentage change in price that caused it, then demand for the good is what?
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If the percentage change in quantity demanded for a product is greater than zero and is smaller than the percentage change in price that caused it, then demand for the good is what?
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If the percentage change in quantity demanded for a product is greater than zero and is smaller than the percentage change in price that caused it, then demand for the good is inelastic.
By definition, demand is price inelastic when a change in price causes a smaller percentage change in quantity demanded (Price inelasticity of demand is greater than zero and less than one).
