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Question Practice

When the demand for a good is elastic, how do buyers generally respond to a price increase?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
Market Equilibrium
Question Bank

When the demand for a good is ...

Single Answer MCQ
Q-00089638

When the demand for a good is elastic, how do buyers generally respond to a price increase?

1

They buy significantly less

2

They buy significantly more

3

Their demand remains unchanged

4

They switch to a less elastic good

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