If elasticity of demand is equal to one, the good or services would be: A) Inelastic B) Unitarily...

Question:

If elasticity of demand is equal to one, the good or services would be:

A) Inelastic

B) Unitarily elastic

C) Elastic

D) Consumers' willingness to purchase goods or services

Elasticity of Demand

The elasticity of demand can be greater than 1, equal to 1, or lesser than 1. When it is lesser than 1, the demand is inelastic and when elasticity is greater than 1, the demand is elastic.

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Unit Elastic: Definition & Example

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Chapter 3 / Lesson 7
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Learn the definition of unit elastic in economics. Understand what unit elastic means in terms of supply and demand with the help of graphs and relevant examples.


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