Homework Answers
Demand for a product is said to be elastic if a change in price has substantial effect on the volume of units sold.
second option is correct option.
If due to a slight change in the price of a commodity, its quantity sold changes drastically, its demand is said to be elastic.
On the other hand, even if due to change in the price of a commodity, its quantity sold is not affected significantly, it is said to have inelastic demand.
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