The above table shows a sample of prices and the quantity sold by a monopolist.
-Refer to the table above. At a price of $99, which of the following statements is true regarding the price elasticity of demand?

Question

Quizplus · Accepted Answer

The price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price of that good. If the elasticity is greater than one, demand is considered elastic, meaning consumers are highly responsive to price changes. Without specific numbers from the table, we can't calculate the exact elasticity, but if the statement is that the elasticity is greater than one at a price of $99, it implies that at this price, a small percentage change in price leads to a larger percentage change in quantity demanded, indicating elastic demand.

The Above Table Shows a Sample of Prices and the Quantity