The list below refers to the price elasticity of demand.
1)perfectly inelastic
2)perfectly elastic
3)unitary elasticity
4)elastic
5)inelastic
-Refer to the information above to answer this question.What is a demand when the elasticity coefficient is greater than 1?
A)1.
B)2.
C)3.
D)4.
E)5.

Question

Quizplus · Accepted Answer

When the elasticity coefficient is greater than 1, demand is considered to be elastic. This means that a small change in price will lead to a relatively larger change in quantity demanded. Therefore, option D is the correct choice as it represents an elastic demand.

The List Below Refers to the Price Elasticity of Demand