If the price elasticity coefficient equals 4.2, then demand is relatively inelastic with regard to price.

Name: If the price elasticity coefficient equals 4.2, then demand is relatively inelastic with regard to price.
Brand: Quizplus
Rating: 4.8 (27 reviews)

Question

Quizplus · Accepted Answer

A price elasticity coefficient of 4.2 indicates that demand is relatively elastic with regard to price, not inelastic. A coefficient of 1 or lower would indicate relatively inelastic demand.

If the Price Elasticity Coefficient Equals 4