If a 1 percent decrease in price results in more than a 1 percent increase in quantity demanded, ; and if a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is elastic; demand is inelastic demand is cross-price inelastic; demand results in the income effect demand is elastic; demand is elastic demand is inelastic; demand is inelastic demand is inelastic; demand is elastic