An elasticity of 1 would be considered
A)perfectly elastic.
B)elastic.
C)unit elastic.
D)inelastic.
E)perfectly inelastic.

Question

Quizplus · Accepted Answer

An elasticity of 1 is referred to as unit elastic. This means that a change in price will result in an equal proportional change in quantity demanded, indicating that the demand is neither perfectly elastic (A) nor perfectly inelastic (E). However, it is also not considered inelastic (D) because a change in price will still have a significant impact on the quantity demanded, making it elastic (B and C).

An Elasticity of 1 Would Be Considered