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: 2 Reasons We Don't Go to the MoviesHow Can Coffee Consumption Be an Economic Indicator?Where Smokers Smuggle CigarettesThe Real Reason a Springsteen Ticket is PriceyWho Will Care About the Starbucks Price Hike? Ann Mills Share This Previous Articleeconomic growth Next Articlehorizontal integration December 17, 2020