Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.
Option 1: perfectly inelastic
Option 2: inelastic
Option 3: perfectly elastic
Option 4: unitary elastic
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Correct Answer: inelastic
Solution : The correct answer is i nelastic .
If the price elasticity of demand is less than one, the demand for the goods is said to be inelastic . Demand is said to be the quantity that is demanded by customers at different price rates during a given period. the quantity demanded remains the same despite price changes, this is said to be inelastic demand.
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