The demand for a good is elastic if the price elasticity of demand is:
A)equal to one.
B)greater than one.
C)less than one.
D)equal to zero.

Name: The demand for a good is elastic if the price elasticity of demand is: A)equal to one. B)greater than one. C)less than one. D)equal to zero.
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Question

Quizplus · Accepted Answer

If the percentage change in quantity demanded is greater than the percentage change in price, then the price elasticity of demand will be greater than one, and demand is said to be elastic with respect to price.

The Demand for a Good Is Elastic If the Price