Question

2 multiple choice 2 points what does it mean if a product has a high level of elasticity? b. demand will change in line with the price. d. demand will continue to rise, even if prices rise. c. demand will only increase slightly if prices fall. a. demand wont change much, even as the price changes.

Explanation:

In economics, price - elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price. When a product has high elasticity, demand is highly responsive to price changes. That is, demand will change in line with the price. For example, if the price goes up, demand will go down significantly, and if the price goes down, demand will go up significantly.

Answer:

b. Demand will change in line with the price.