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      Question

      What type of demand occurs when a small change in price

      leads to a significantly larger change in quantity demanded?
      A Unitary Elastic Demand Correct Answer Incorrect Answer
      B Relatively Inelastic Demand Correct Answer Incorrect Answer
      C Perfectly Elastic Demand Correct Answer Incorrect Answer
      D Relatively Elastic Demand Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Relatively elastic demand occurs when a small change in price results in a significantly larger change in the quantity demanded. Consumers are highly responsive to price changes, causing demand to be relatively elastic.

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