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
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.
Question : Perfectly inelastic demand occurs when the price elasticity of demand is:
Question : If the price elasticity of demand for a good is greater than 1, the demand is:
Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.
Question : Equilibrium price is the price when :
Question : When the price elasticity of demand is greater than 1, the demand is:
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