When the elasticity of demand or supply is greater than 1.0,that demand or supply is said to be:
A)elastic.
B)stagnant.
C)marginal.
D)inelastic.

Name: When the elasticity of demand or supply is greater than 1.0,that demand or supply is said to be: A)elastic. B)stagnant. C)marginal. D)inelastic.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

When the elasticity of demand or supply is greater than 1.0, it means that a small change in price will have a significant effect on the quantity demanded or supplied. This is known as elastic demand or supply.

When the Elasticity of Demand or Supply Is Greater Than