Unit-Elastic Demand Occurs When:​

question 67

Multiple Choice

Unit-elastic demand occurs when:​

• A)a one-unit increase in price leads to a one-unit decrease in quantity demanded.
• B)a 1 percent increase in price leads to a one-unit decrease in quantity demanded.
• C)the price elasticity of demand is positive.
• D)the price elasticity of demand is exactly zero.
• E)the price elasticity of demand is exactly 1.

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Definitions:

Machine Driven Industry

Industries that rely heavily on machinery and technology for production processes, marking a shift from manual to mechanized labor.

American Workers

Individuals employed in the United States, contributing to its economy and labor market.

Unskilled Workforce

A section of the labor market that has no special training or skills, typically associated with lower-paying jobs that require minimal education or training.

Prices Rose

An economic condition where the general level of prices for goods and services increases over a period.