If the price elasticity of demand for a good is greater than one, then the demand for that good is:
A)elastic.
B)inelastic.
C)unit elastic.
D)perfectly elastic.

Question

Quizplus · Accepted Answer

If the percentage change in quantity demanded is greater than the percentage change in price, then the price elasticity of demand will be greater than one, and demand is said to be elastic with respect to price.

If the Price Elasticity of Demand for a Good Is