When economists say the demand for a good is highly price elastic, they mean that ( even if the price rose a small amount. suppliers would be willing to offer much more of the good. the production facilities utilized by producers of the good are very flexible; producers can easily expand their facilities, even in the long run. a large (percentage) change in the price of a good will result in only a small (percentage) change in the quantity demanded. () consumers will respond to a small decrease in the price of the good by purchasing substantially more of it. Question 6