If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:
A) perfectly elastic.
B) unitary elastic.
C) elastic.
D) inelastic.

Question

Quizplus · Accepted Answer

The Answer of If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:
A) perfectly elastic.
B) unitary elastic.
C) elastic.
D) inelastic.

If a 5 Percent Decrease in the Price of a Good