Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.
Option 1: perfectly inelastic
Option 2: inelastic
Option 3: perfectly elastic
Option 4: unitary elastic
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Correct Answer: inelastic
Solution : The correct answer is inelastic.
If the price elasticity of demand is less than one, the demand for the goods is said to be inelastic. Demand is said to be the quantity that is demanded by customers at different price rates during a given period. the quantity demanded remains the same despite price changes, this is said to be inelastic demand.
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Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
Question : Perfectly inelastic demand is equal to:
Option 1: one
Option 2: infinite
Option 3: zero
Option 4: greater than one
Question : The demand curve facing a perfectly competitive firm:
Option 1: downward sloping
Option 2: perfectly inelastic
Option 3: a concave curve
Option 4: perfectly elastic
Question : A demand curve, which is parallel to the horizontal axis, showing quantity, has a price elasticity equal to
Option 1: zero
Option 2: one
Option 3: less than one
Option 4: infinite
Question : Equilibrium price is the price when :
Option 1: Supply is greater than demand .
Option 2: Supply is less than demand .
Option 3: Demand is very high .
Option 4: Supply is equal to demand.
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