Assuming elasticity is reported in absolute value,an elastic demand has a measured elasticity:
A)greater than one.
B)less than one.
C)of exactly one.
D)greater than zero and less than one.

Question

Quizplus · Accepted Answer

Elastic demand means that the percentage change in quantity demanded is greater than the percentage change in price. This translates to an elasticity greater than one, regardless of whether it is reported in absolute value or not.

Assuming Elasticity Is Reported in Absolute Value,an Elastic Demand Has