When a one percent change in price causes a change in quantity demanded greater than one percent, demand for the product is

a. relatively elastic.

b. unitary elastic.

c. perfectly elastic.

d. relatively inelastic.

The correct answer is letter "A": relatively elastic.

Explanation:

Elasticity is the characteristic certain goods and services have of experiencing changes in quantity demanded as the prices change. Price elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price. If the result is equal to or greater than 1, the demand is elastic.

Demand is relatively elastic when small changes in prices cause large changes in quantity demanded. This happens when the goods or services in reference have many substitutes and the cost of switching providers is low.

Thus, if a 1% change in the price of a given product changes its quantity demanded by more than 1%, the product is relatively elastic.

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