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16 September, 07:03

When a one percent change in price results in a one percent change in quantity demanded in

the opposite direction, demand is

A) relatively inelastic.

B) unitary elastic.

C) perfectly elastic.

D) perfectly inelastic.

+2
Answers (1)
  1. 16 September, 07:34
    0
    B) unitary elastic.

    Explanation:

    Elastic demand describes how sensitive the demand for a product is to changes in prices. A good or service whose demand changes as a result of a change in price is said to be price elastic. When a product does not react to price changes, it is said to be price inelastic.

    Unitary elastic demand is when a change in price results in a propositional change in demand in the opposite direction. A percentage change in price causes a similar percentage change in demand. An increase in price leads to a decrease in demand by the same degree, while a reduction in price will result in a proportionate increase in demand.
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Home » Business » When a one percent change in price results in a one percent change in quantity demanded in the opposite direction, demand is A) relatively inelastic. B) unitary elastic. C) perfectly elastic. D) perfectly inelastic.
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