A good that has inelastic demand has an elasticity coefficient
A) greater than 1.
B) greater than or equal to 1.
C) equal to 1.
D) between 0 and 1.

Name: A good that has inelastic demand has an elasticity coefficient A) greater than 1. B) greater than or equal to 1. C) equal to 1. D) between 0 and 1.
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Question

Quizplus · Accepted Answer

Goods with inelastic demand have an elasticity coefficient between 0 and 1, indicating that the quantity demanded changes less than proportionally to changes in price.

A Good That Has Inelastic Demand Has an Elasticity Coefficient