The price elasticity of demand that _______ is called inelastic.
مانگ کی قیمت کی لچک جسے ______ غیر لچکدار کہا جاتا ہے۔
- more than 1
- less than 1
- equal to 1
- none of these
Explanation
Demand is price inelastic if the absolute value of the price elasticity of demand is less than 1;
it is unit price elastic if the absolute value is equal to 1;
and it is price elastic if the absolute value is greater than 1.
NA22-9-2023
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