Asked by
giang quynh
on Nov 17, 2024
Verified
Demand is inelastic if the price elasticity of demand is greater than 1.
Inelastic
Refers to a scenario in which a change in price leads to a comparatively small change in the quantity demanded or supplied.
Price Elasticity
An indicator of the sensitivity of the demand for a product to alterations in its price.
- Discern the distinctions between inelastic and elastic demand phenomena.
Verified Answer
CM
Learning Objectives
- Discern the distinctions between inelastic and elastic demand phenomena.