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AleksandrR [38]
3 years ago
6

If the absolute value of the own price elasticity of demand is greater than 1, then demand is said to be:

Business
1 answer:
OLEGan [10]3 years ago
8 0

Answer:

A. elastic.

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Demand is elastic when a change in price leads to a change in quantity demanded. The coefficient of elasticity for elastic demand is usually greater than one.

Demand is inelastic when a change in price has no effect on quantity demanded.

The absolute value of the coefficient of elasticity for inelastic demand is usually less than 1.

Demand is unitary when a change in price leads to an equal proportional change in quantity demanded.

The absolute value of the coefficient of elasticity for unitary demand is usually equal to one .

I hope my answer helps you.

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