The price elasticity of demand for a teeth-whitening kit is -1.The market for this product is considered
A) ineleastic.
B) elastic.
C) dynamic.
D) saturated.
E) a prestige market.

Question

Quizplus · Accepted Answer

The price elasticity of demand formula shows that the higher the absolute value of the result, the more elastic the demand is. In this case, F1F1F1S1F1F1F101 is less than 1, meaning the demand is inelastic. Therefore, the best choice is B, as it is the only option that contradicts this conclusion.

The Price Elasticity of Demand for a Teeth-Whitening Kit Is