When own-price elasticity lies between 0 and -1, consumer spending decreases when price increases.

Name: When own-price elasticity lies between 0 and -1, consumer spending decreases when price increases.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When own-price elasticity lies between 0 and -1, the demand is inelastic, meaning consumers are relatively unresponsive to price changes, and consumer spending on the good tends to increase or remain unchanged when the price increases.

When Own-Price Elasticity Lies Between 0 and -1, Consumer Spending