If the demand for a good is elastic, the price elasticity of demand is
A) less than zero.
B) between 0 and 1.
C) greater than 1.
D) equal to 1.

Name: If the demand for a good is elastic, the price elasticity of demand is A) less than zero. B) between 0 and 1. C) greater than 1. D) equal to 1.
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Question

Quizplus · Accepted Answer

When the demand for a good is elastic, the price elasticity of demand is greater than 1, indicating that a change in price leads to a proportionally larger change in quantity demanded.

If the Demand for a Good Is Elastic, the Price