Answer the question on the basis of the accompanying demand schedule. $\begin{array} { | c | c| }
\hline \text { Price } & \text {Quantity Demanded } \
\hline \$ 7 & 1 \
\hline 6 & 2 \
\hline 5 & 3 \
\hline 4 & 4 \
\hline 3 & 5 \
\hline
\end{array}$ At the point where 3 units are being sold, the coefficient of price elasticity of demand
A) cannot be estimated.
B) suggests that the market is purely competitive.
C) is less than unity (one).
D) is greater than unity (one).

Question

Answer the question on the basis of the accompanying demand schedule. $\begin{array} { | c | c| } 
\hline \text { Price } & \text {Quantity Demanded } \
\hline \$ 7 & 1 \
\hline 6 & 2 \
\hline 5 & 3 \
\hline 4 & 4 \
\hline 3 & 5 \
\hline
\end{array}$ At the point where 3 units are being sold, the coefficient of price elasticity of demand
A) cannot be estimated.
B) suggests that the market is purely competitive.
C) is less than unity (one).
D) is greater than unity (one).

Quizplus · Accepted Answer

The Answer of Answer the question on the basis of the accompanying demand schedule. $\begin{array} { | c | c| } 
\hline \text { Price } & \text {Quantity Demanded } \
\hline \$ 7 & 1 \
\hline 6 & 2 \
\hline 5 & 3 \
\hline 4 & 4 \
\hline 3 & 5 \
\hline
\end{array}$ At the point where 3 units are being sold, the coefficient of price elasticity of demand
A) cannot be estimated.
B) suggests that the market is purely competitive.
C) is less than unity (one).
D) is greater than unity (one).

Answer the Question on the Basis of the Accompanying Demand