If the price elasticity of demand for a good is greater than one, then the demand for that good is: Group of answer choices 1.inelastic. 2.unit elastic. 3.elastic. 4.perfectly elastic.

When do we know if price elasticity of demand is inelastic?Group of answer choicesAll of the aboveWhen elasticity is less than 1None of the aboveWhen absolute value of elasticity is less than 1

If a good is a necessity, demand for the good would tend to bea.perfectly elastic.b.elastic.c.unit elastic.d.inelastic

If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be elastic.Question 5AnswerTrueFalse

An important determinant of the price elasticity of demand is the:Question 40Select one:a.time period.b.price of related goods.c.level of technology.d.quantity of the good supplied.Clear my choice

Suppose that an increase in the price of a good leads to an increase in total revenue. Ignoring other factors (like supply), at its current price the good must be:Group of answer choicesinferior.price-inelastic.perfectly price-elastic.price-elastic.