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A good with a price elasticity of demand of -0.5 is considered:
  • a)
    Inelastic
  • b)
    Unit elastic
  • c)
    Elastic
  • d)
    Perfectly elastic
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
A good with a price elasticity of demand of -0.5 is considered:a)Inela...
A price elasticity of demand of -0.5 indicates inelastic demand, meaning a change in price leads to a proportionately smaller change in quantity demanded.
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A good with a price elasticity of demand of -0.5 is considered:a)Inelasticb)Unit elasticc)Elasticd)Perfectly elasticCorrect answer is option 'A'. Can you explain this answer?
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