If the price elasticity of demand for a good equals one, then the demand for that good is:
A)elastic.
B)inelastic.
C)unit elastic.
D)perfectly elastic.

Name: If the price elasticity of demand for a good equals one, then the demand for that good is: A)elastic. B)inelastic. C)unit elastic. D)perfectly elastic.
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Question

Quizplus · Accepted Answer

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

If the Price Elasticity of Demand for a Good Equals