The demand for a good is elastic with respect to price if the price elasticity of demand is:
A)equal to one.
B)greater than one.
C)less than one.
D)equal to zero.

Question

Quizplus · Accepted Answer

If the percentage change in quantity is greater than the percentage change in price,then the elasticity will be greater than one.When elasticity is greater than one,demand is price elastic.

The Demand for a Good Is Elastic with Respect to Price