If Price Elasticity of Demand Is 1

question 14

Multiple Choice

If price elasticity of demand is 1.7,the demand for the commodity is

• A) of unitary elasticity.
• B) price postelastic.
• C) price elastic.
• D) price inelastic.
• E) price preelastic.

---

Definitions:

Fiduciary Duty

An obligation to act in the best interest of another party, such as a trustee for a beneficiary.

Apparent Authority

An agent’s ability to affect the principal’s legal relations. Consent must be communicated to the third party.

Restatement (Third)

The third update to a set of model civil and criminal statutes designed to clarify, modernize, and otherwise improve American law.

Renunciation

Occurs when either party manifests to the other that he does not wish the agency to continue. This is done by the agent.