Demand Is Said to Have Unit Elasticity If Elasticity Is

question 312

Multiple Choice

Demand is said to have unit elasticity if elasticity is

• A) less than 1.
• B) greater than 1.
• C) equal to 1.
• D) equal to 0.

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Definitions:

Consumer Income

The total earnings of an individual or household from all sources, influencing their purchasing decisions.

Maximum Quantity

The highest amount of a product or resource that can be produced, obtained, or allocated under specific conditions.

Units of X

A term used in various contexts to denote a measurement or quantity of a particular item or variable 'X'.

Consumer Income

The total earnings received by consumers from all sources, influencing their spending patterns and ability to purchase goods and services.