If the price elasticity of demand is 1.3, demand is:
A)upward sloping.
B)inelastic.
C)unitary elastic.
D)elastic.

Name: If the price elasticity of demand is 1.3, demand is: A)upward sloping. B)inelastic. C)unitary elastic. D)elastic.
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Question

Quizplus · Accepted Answer

The price elasticity of demand being 1.3 indicates that demand is elastic, as it is greater than 1. This means that the quantity demanded is relatively responsive to price changes.

If the Price Elasticity of Demand Is 1