Assuming Price Elasticity of Demand Is Reported as an Absolute

question 38

Multiple Choice

Assuming price elasticity of demand is reported as an absolute value, the measured elasticity for an inelastic demand would be:

• A) greater than zero.
• B) greater than one.
• C) less than one.
• D) exactly one.

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Definitions:

Consumptions

The action or process of using goods and services to satisfy human needs or desires.

Apples

A type of fruit known for its sweet taste and crisp texture, widely consumed fresh, juiced, or used in various culinary dishes.

Oranges

A citrus fruit known for its sweet or slightly acidic flavor, commonly consumed fresh or as juice.

Consumptions

The act of using goods and services for personal use, including the spending on such goods and services in an economy.