Unitary elasticity of demand isChoose one optionEqual to oneGreater than 1Less than 1Zero
Question
Unitary elasticity of demand isChoose one optionEqual to oneGreater than 1Less than 1Zero
Solution
The answer is "Equal to one". Unitary elasticity of demand refers to a situation where a change in price leads to an exact proportional change in quantity demanded. Hence, the elasticity is equal to one.
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