Economics · Theory of Demand
Which of the following statements is correct regarding the price elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It always carries a positive value for standard normal goods.
- 2The price elasticity of demand for essential necessity goods is highly elastic.
- 3The elasticity of demand remains constant at all points on a linear downward-sloping demand curve.
- 4It is measured as the percentage change in quantity demanded divided by the percentage change in price.✓
Correct answer
It is measured as the percentage change in quantity demanded divided by the percentage change in price.
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