Economics · Theory of Demand
If the price elasticity of demand for a product is -2, what does it indicate?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Demand is perfectly elastic
- 2Demand is elastic✓
- 3Demand is unitary elastic
- 4Demand is perfectly inelastic
Correct answer
Demand is elastic
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