If the price elasticity of demand is 1, demand is:
A)upward sloping.
B)inelastic.
C)unitary elastic.
D)elastic.

Name: If the price elasticity of demand is 1, demand is: A)upward sloping. B)inelastic. C)unitary elastic. D)elastic.
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Question

Quizplus · Accepted Answer

When the price elasticity of demand is 1, it indicates that the percentage change in quantity demanded is equal to the percentage change in price, which is known as unitary elasticity.

If the Price Elasticity of Demand Is 1, Demand Is