4. If the demand for a good is elastic, then
a. people do not change the quantity they demand when the price of the good changes.
b. a change in price leads to a smaller percentage change in the quantity demanded.
c. people substantially decrease the quantity of the good they buy if its price increases by a
small percentage.
d. a change in the quantity demanded is smaller than the change in price.
e. the quantity demanded divided by the price exceeds 1.00