If a good has unitary price elasticity of demand,then the absolute value of the percentage change in
A) quantity exactly equals one.
B) price exactly equals one.
C) the quantity demanded equals the absolute value of the corresponding percentage change in price.
D) quantity demanded and the absolute value of the corresponding percentage change in price both equal one-half and total one.

Question

Quizplus · Accepted Answer

Unitary price elasticity of demand means that the percentage change in quantity demanded is equal to the percentage change in price, making their absolute values equal.

If a Good Has Unitary Price Elasticity of Demand,then the Absolute