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Demand is elastic if the price elasticity of demand is:

a. less than 1

b. equal to 1

c. equal to 0

d. greater than 1

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Sonia Dhawan
Sonia DhawanLv10
2 Nov 2020

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Related questions

3. If demand is price-elastic, then

a. The elasticity number E is equal to 1.

b. The elasticity number E is greater than 1.

c. The elasticity number E is 0.

d. The elasticity number E is less than 1.

When the absolute value of the price elasticity of demand is equal to one, demand is _____, less than one demand is _____, greater than one demand is _____.

Select one:

a. perfectly elastic, unit elastic, elastic.

b. elastic, inelastic, unit elastic.

c. unit elastic, inelastic, elastic.

d. cross elastic, unit elastic, point elastic.

12) If the total expenditure on photocopiers increases when the price of photocopiers rises, the price elasticity of demand is A) greater than one (demand is elastic). B) less than one (demand is inelastic). C) equal to one (demand is unit elastic). D) not determinable from the information given. E) exactly zero.

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