Demand is elastic if elasticity is
A) less than 1.
B) equal to 1.
C) equal to 0.
D) greater than 1.

Name: Demand is elastic if elasticity is A) less than 1. B) equal to 1. C) equal to 0. D) greater than 1.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Demand is considered elastic if the elasticity is greater than 1, which means that a change in price will result in a larger percentage change in the quantity demanded. This indicates that consumers are very responsive to changes in price and will alter their purchasing behavior accordingly.

Demand Is Elastic If Elasticity Is