Demand is considered to be elastic when the coefficient of the price elasticity of demand is
A) less than 1
B) equal to 1
C) greater than 1
D) less than zero

Name: Demand is considered to be elastic when the coefficient of the price elasticity of demand is A) less than 1 B) equal to 1 C) greater than 1 D) less than zero
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Question

Quizplus · Accepted Answer

Demand is considered to be elastic when the price elasticity of demand coefficient is greater than 1, indicating that the quantity demanded responds significantly to price changes.

Demand Is Considered to Be Elastic When the Coefficient of the Price