If the price elasticity of demand is 1.9, then price is relatively:
A) absolute.
B) unit elastic.
C) inelastic.
D) elastic.

Name: If the price elasticity of demand is 1.9, then price is relatively: A) absolute. B) unit elastic. C) inelastic. D) elastic.
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Question

Quizplus · Accepted Answer

When the price elasticity of demand is greater than 1, it indicates that the quantity demanded is highly responsive to price changes, meaning the demand is elastic.

If the Price Elasticity of Demand Is 1