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Demand is said to have unit elasticity if the price elasticity of demand is _______.

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Insha Fatima
Insha FatimaLv10
29 Sep 2020

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Related questions

. When the percentage change in quantity demanded is larger thanthe percentage change in price, demand is said to be:
A) price inelastic.
B) unit price elastic.
C) price elastic.
D) perfectly inelastic.

38. If the price elasticity of demand is found to be -3/4, thendemand is:
A) price inelastic.
B) price elastic.
C) unit price elastic.
D) positively sloped.


39. If the price elasticity of demand is found to be -6, thendemand is:
A) price inelastic.
B) price elastic.
C) unit price elastic.
D) horizontal.

40. If the price of a good is increased by 15 percent and thequantity demanded falls by 20 percent, the price elasticity ofdemand is:
A) price elastic.
B) price inelastic.
C) unit price elastic.
D) normal.

41. If the absolute value of price elasticity is greater than 1,this means the demand curve in that region is:
A) price elastic.
B) price inelastic.
C) unit price elastic.
D) upward sloping

Determine which statement about the absolute value of the price elasticity of demand is correct.

1. The price elasticity of demand for laundry detergent, in general, is likely to be greater than the price elasticity of demand for Gain laundry detergent. 2. The price elasticity of demand for Gain laundry detergent is likely to be greater than the price elasticity of demand for laundry detergent in general. 3. The price elasticity of demand for gasoline is greater than the price elasticity of demand for cereal because more people eat cereal than use gasoline.

4.The price elasticity of demand for gasoline is less than the price elasticity of demand for cereal because more people eat cereal than use gasoline.

Which of the following statements about the absolute value of the price elasticity of demand is correct?

A) The price elasticity of demand for laundry detergent, in general, is likely to be greater than the price elasticity of demand for Gain laundry detergent.

B) The price elasticity of demand for Gain laundry detergent is greater than the price elasticity of demand for laundry detergent in general.

C) The price elasticity of demand for gasoline is greater than the price elasticity of demand for cereal because more people eat cereal than use gasoline.

D) The price elasticity of demand for gasoline is less than the price elasticity of demand for cereal because more people eat cereal than use gasoline.

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