If demand is elastic, one can assume that the price elasticity of demand is between 0 and 1.

Question

Quizplus · Accepted Answer

If demand is elastic, it means that a small change in price leads to a significant change in quantity demanded. This is reflected in a price elasticity of demand greater than 1. An elasticity value between 0 and 1 indicates relatively inelastic demand, where changes in price have a smaller effect on quantity demanded.

If Demand Is Elastic, One Can Assume That the Price