If the price elasticity of demand is very elastic, which of the following could be a possible value of the elasticity?
A) 2
B) 1
C) 1/3
D) 0

Question

Quizplus · Accepted Answer

A high value of elasticity indicates that a small change in price results in a significant change in quantity demanded. An elasticity of 2, therefore, indicates a very elastic response to price changes, making A the likely choice for this scenario.

If the Price Elasticity of Demand Is Very Elastic, Which