If the elasticity is greater than 1 is demand elastic or inelastic If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?

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1229276

2026-03-27 15:35

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If the elasticity is greater than 1, demand is considered elastic, meaning that consumers are highly responsive to price changes. Conversely, if the elasticity equals 0, demand is perfectly inelastic, indicating that quantity demanded does not change regardless of price fluctuations. In this case, consumers will purchase the same amount no matter the price.

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