Question :  Perfectly inelastic demand occurs when the price elasticity of demand is:

Option 1: 0

Option 2: 1

Option 3: Greater than 1

Option 4: Undefined

Question :  If the price elasticity of demand for a good is greater than 1, the demand is:

Option 1: Elastic.

Option 2: Inelastic.

Option 3: Unit elastic.

Option 4: Perfectly inelastic.

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

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.

Question : When the price elasticity of demand is greater than 1, the demand is:

Option 1: Inelastic

Option 2: Unitary elastic

Option 3: Perfectly elastic

Option 4: Elastic