A demand is said to be inelastic when the:
A) demand curve and the supply curve do not intersect.
B) total cost and total revenue are equal at all levels of demand.
C) elasticity of demand is less than 1.
D) elasticity of demand is greater than 1.

Question

Quizplus · Accepted Answer

Demand is considered inelastic when the elasticity of demand is less than 1, meaning that the quantity demanded changes by a smaller percentage than the percentage change in price.

A Demand Is Said to Be Inelastic When The