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If the price elasticity of demand for a product is greate... | QuestionStock

Representative image for question: If the price elasticity of demand for a product is greater than 1, what does that indicate about quantity demanded when price changes?

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If the price elasticity of demand for a product is greater than 1, what does that indicate about quantity demanded when price changes?

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If the price elasticity of demand for a product is greater than 1, what does that indicate about quantity demanded when price changes?

Options:

Demand is elastic: quantity changes proportionally more than price
Demand is inelastic: quantity changes proportionally less than price
Unit elastic: quantity changes equal price change
Perfectly inelastic: quantity never changes with price

Correct answer: Demand is elastic: quantity changes proportionally more than price

Explanation: A price elasticity greater than 1 means demand is elastic: quantity demanded changes by a larger percentage than price. For example, a 10% price rise would reduce quantity by more than 10%.

Created 2026-03-10T17:33:20.070Z. Updated 2026-03-10T17:33:20.070Z.