-In the above figure, over the price range P1P2, demand is
A) unit elastic.
B) elastic.
C) inelastic.
D) perfectly elastic.

Name: -In the above figure, over the price range P1P2, demand is A) unit elastic. B) elastic. C) inelastic. D) perfectly elastic.
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Question

-In the above figure, over the price range P1P2, demand is
A) unit elastic. 
B) elastic. 
C) inelastic. 
D) perfectly elastic.

Quizplus · Accepted Answer

Over the price range P1P2, if the percentage change in quantity demanded is greater than the percentage change in price, demand is considered elastic. This means consumers are relatively responsive to price changes within this range.

-In the Above Figure, Over the Price Range P1P2, Demand