Answer: elastic
Explanation:
From the question, we are told that several companies produce latex gloves which are used by different industries. We are further told that when one of the glove manufacturers reduces its price by just a few percentage points, this will result in a significant increase in quantity demanded.
Based on the explanation above, we can reduce that the demand for latex gloves is elastic. Elastic demand occurs when a change in price brings about a large change in the quantity demanded of a particular product. This is the scenario that happened regarding the latex gloves.
