Price elasticity is often expressed in terms of absolute value. Absolute value is:
A) a positive number with no real meaning.
B) a whole number that is less than zero.
C) a negative number that is less than zero.
D) the distance from zero in either direction.

Question

Quizplus · Accepted Answer

Absolute value refers to the distance of a number from zero on the number line, without considering which direction from zero the number lies. This makes the absolute value of both positive and negative numbers the same, as it disregards the sign, focusing only on magnitude.

Price Elasticity Is Often Expressed in Terms of Absolute Value