If demand for a product is elastic, the value of the price elasticity coefficient is
A)zero.
B)greater than one.
C)equal to one.
D)less than one.

Name: If demand for a product is elastic, the value of the price elasticity coefficient is A)zero. B)greater than one. C)equal to one. D)less than one.
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Question

Quizplus · Accepted Answer

When demand for a product is elastic, it means that the quantity demanded changes by a greater percentage than the change in price, leading to a price elasticity coefficient greater than one.

If Demand for a Product Is Elastic, the Value of the Price