elastic demand The extent to which quantity demanded changes in response to the different prices on a demand schedule; the situation when quantity responds considerably to a price change and, as a result, total expenditures and price move in opposite directions. Related Related Articles: Why Coffee Inflation Is DifferentLooking At Global Gas Prices2 Reasons We Don’t Go to the MoviesHow Can Coffee Consumption Be an Economic Indicator?Where Smokers Smuggle Cigarettes Ann Mills Share This Previous Articleeconomic growth Next Articlehorizontal integration December 17, 2020