An elasticity of 2 would be considered
A)elastic.
B)inelastic.
C)unit elastic.
D)undefined.

Name: An elasticity of 2 would be considered A)elastic. B)inelastic. C)unit elastic. D)undefined.
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Question

Quizplus · Accepted Answer

An elasticity of 2 indicates that a 1% change in price would result in a 2% change in quantity demanded. This level of responsiveness from consumers is considered elastic, meaning that they are relatively sensitive to changes in price.

An Elasticity of 2 Would Be Considered