If the price elasticity of demand for bubble gum is -1, the elasticity is classified as:...

If the price elasticity of demand for bubble gum is -1, the elasticity is classified as:

Group of answer choices

Unitary

Inelastic

Elastic

Expert Solution

The price elasticity of demand is

elastic when the value is greater than 1

inelastic when the value is less than 1

unitary when the value is equal to 1

so, it is unitary as the negative sin does not matter

option(A)

Rahul Sunny answered 2 years ago

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