Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
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Correct Answer: Greater than one
Solution : The correct answer is Greater than one .
If the price elasticity of demand is greater than one (|E| > 1), it is considered elastic. This means that the quantity demanded is relatively more responsive to changes in price. If the price increases, the total revenue decreases, and if the price decreases, the total revenue increases.
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