When demand for a product changes because of its price, this product is said to be elastic.

question 10 options:
true
false

The answer is True

Explanation:

The demand for a product refers to the customers' desire or willingness to pay for it. In some cases the demand is affected by the price or a product, while in others the demand is stable, this factor is known as elasticity. According to the elasticity concept, a product is elastic if changes in its price lead to changes in its demand.

For example, cars are an elastic product because if prices of cars are low, there are more possible buyers and the demand increase; at the same time, if the price increases many people would abstain from buying a car and the demand would fall. Thus, it is true the product is elastic "When demand for a product changes because of its price".

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