question\na price elasticity of demand equal to 1 is called __________.\nselect the correct answer…

question\na price elasticity of demand equal to 1 is called __________.\nselect the correct answer below:\nelastic\ninelastic\nunitary elastic\ninfinitely elastic

question\na price elasticity of demand equal to 1 is called __________.\nselect the correct answer below:\nelastic\ninelastic\nunitary elastic\ninfinitely elastic

Answer

Brief Explanations:

In economics, when the price - elasticity of demand is equal to 1, it means that the percentage change in quantity demanded is equal to the percentage change in price. This is defined as unitary elastic demand. Elastic demand has a price - elasticity greater than 1, inelastic demand has a price - elasticity less than 1, and infinitely elastic demand has a price - elasticity approaching infinity.

Answer:

C. unitary elastic