What characterizes elastic demand? A small percentage ( 1%) increase in price b. results in a larger percentage decrease (more than 1%) in quantity demanded. C. A small percentage (1%) decrease in price results in a smaller percentage (smaller than 1%) increase in quantity demanded. d. The quantity demanded remains the same regardless of the price level. The price remains the same regardless of the level of demand.

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A: Answer to the question is as follows :