If the absolute value of the own price elasticity of demand is greater than one, then demand is said to be
A)elastic.
B)inelastic.
C)unitary elastic.
D)neither elastic, inelastic nor unitary elastic.

Question

Quizplus · Accepted Answer

If the absolute value of the own price elasticity of demand is greater than one, then demand is said to be elastic. This means that a change in price will have a relatively large impact on the quantity demanded.

If the Absolute Value of the Own Price Elasticity of Demand