If a Good Has an Absolute Price Elasticity of 1

question 177

Multiple Choice

If a good has an absolute price elasticity of 1, the demand for the good is

• A) unit elastic.
• B) inelastic.
• C) perfectly elastic.
• D) elastic.

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Definitions:

Individualism

A philosophical and social ideology that emphasizes the moral worth and autonomy of the individual, prioritizing personal goals over group objectives.

Collectivism

A social theory favoring the priority of group needs over individual needs.

Consistency

The quality of always behaving or performing in a similar way, maintaining the same standards.

Openness to Experience

A personality trait characterized by a willingness to try new things, be creative, and think outside the traditional framework.