Asked by
Caroline Martin
on Nov 17, 2024
Verified
If the price elasticity of demand is equal to 1, then demand is unit elastic.
Unit Elastic
A situation in which the percentage change in quantity demanded is equal to the percentage change in price, leading to a unitary elasticity of demand.
- Distinguish between unit elastic, perfectly inelastic, and perfectly elastic demand.
Verified Answer
EH
Learning Objectives
- Distinguish between unit elastic, perfectly inelastic, and perfectly elastic demand.