When Measuring Elasticity,if E=1,then the Elasticity Is Referred to as Unit

question 132

True/False

When measuring elasticity,if e=1,then the elasticity is referred to as unit elastic because any change in price is met by an equal and opposite change in demand._________________________

---

Definitions:

Market Price

The price of a good or service determined by supply and demand dynamics within a competitive marketplace.

Standard Of Living

The amount of riches, convenience, possessions, and basic requirements afforded to a person, collective, or civilization.

Birthrate

is measured as the number of live births per thousand people in a population per year, indicating the rate at which a population is growing or declining.

Population

The total number of individuals or inhabitants in a specific area or region at a certain time.