The price elasticity of demand is typically referred to as a/an _____
A)absolute value.
B)negative value.
C)positive value.
D)number greater than 1.
E)number less than 1.

Question

Quizplus · Accepted Answer

Price elasticity of demand is typically expressed as an absolute value to indicate the magnitude of responsiveness of quantity demanded to a change in price, regardless of the direction of change.

The Price Elasticity of Demand Is Typically Referred to as A/an