​A Price Elasticity of Demand of 2.3 Implies

question 56

Multiple Choice

​A price elasticity of demand of 2.3 implies

• A)​Demand is inelastic
• B)Demand is elastic
• C)Demand is unitary elastic
• D)​Demand is perfectly elastic

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Definitions:

Legally Sufficient

Describes evidence or information that meets the established legal standards to support a claim or decision in court.

Consideration

The exchange of something of value in return for the promise or service of another party, a fundamental component of a valid contract.

Promise

A declaration or assurance by one party to another that a particular action or condition will occur or be met, potentially forming the basis of a contractual obligation.

Consideration

Something of value that is promised, given, or done that persuades a party to enter into a contract, making the contract legally enforceable.