Question : The demand for a good is said to be inelastic when the price elasticity of demand is:
Option 1: Less than 1
Option 2: Equal to 1
Option 3: Greater than 1
Option 4: Undefined
Answer (1)
17th Jan, 2024
Correct Answer: Less than 1
Solution : The correct answer is (a) Less than 1
The demand for a good is said to be inelastic when the price elasticity of demand is less than 1.
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