_____ demand is when the price elasticity of demand is less than 1.
A) Inelastic
B) Elastic
C) Perfectly elastic
D) Unit elastic

Name: _____ demand is when the price elasticity of demand is less than 1. A) Inelastic B) Elastic C) Perfectly elastic D) Unit elastic
Brand: Quizplus
Rating: 4.8 (26 reviews)

Question

Quizplus · Accepted Answer

Inelastic demand occurs when the price elasticity of demand is less than 1, meaning that the quantity demanded changes by a smaller percentage than the percentage change in price.

_____ Demand Is When the Price Elasticity of Demand Is