When the absolute value of the price elasticity of demand is less than we say that demand is inelastic quizlet?

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When the absolute value of the price elasticity of demand is less than?
When the absolute value of the price elasticity of demand is greater than one we say that demand is?
When the absolute value of the price elasticity of demand is less than 1 demand is perfectly elastic unit elastic inelastic elastic?
What does it mean when price elasticity is less than?

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When the absolute value of the price elasticity of demand is less than?

Demand is price inelastic if the absolute value of the price elasticity of demand is less than 1; it is unit price elastic if the absolute value is equal to 1; and it is price elastic if the absolute value is greater than 1.

When the absolute value of the price elasticity of demand is greater than one we say that demand is?

If the formula creates an absolute value greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price.

When the absolute value of the price elasticity of demand is less than 1 demand is perfectly elastic unit elastic inelastic elastic?

Answer and Explanation: The correct answer is option B. inelastic. When the absolute value of the elasticity coefficient is less than 1, the elasticity of demand is called inelastic.

What does it mean when price elasticity is less than?

If price elasticity is greater than 1, the good is elastic; if less than 1, it is inelastic. If a good's price elasticity is 0 (no amount of price change produces a change in demand), it is perfectly inelastic.