Assume that demand is elastic.Of the elasticities shown here,which is the lowest that would still be considered elastic?
A)10.0
B)1.01
C)1.00
D)0.01

Question

Quizplus · Accepted Answer

An elasticity of 1.01 or greater is typically considered elastic, so the lowest elasticity among the options provided that would still be considered elastic is option B, with an elasticity of 1.01. Options A, C, and D would all be considered inelastic.

Assume That Demand Is Elastic