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Question : The elasticity of demand concerning price is

Option 1: Infinity

Option 2: One

Option 3: Greater than one

Option 4: Less than one


Team Careers360 13th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

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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