Answer the Question on the Basis of the Demand Schedule

question 20

Multiple Choice

Answer the question on the basis of the demand schedule shown below: $$\begin{array}{l}\begin{array} { c c c } &&\text { Quantity }\\\text { Price } && \text { Demanded } \\\hline\$ 77 & & 1 \\6 & & 2 \\5 & & 3 \\4 & & 4 \\3 & & 5\end{array}\end{array}$$ Refer to the data.At the point where 3 units are being sold,the coefficient of price elasticity of demand:

• A) cannot be estimated.
• B) suggests that the market is purely competitive.
• C) is less than unity (one).
• D) is greater than unity (one).

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