chapter 4 elasticity sample questions multiple choice
itions: Elastic Demand: When PED > 1 (percentage change in quantity > percentage change in price). Inelastic Demand: When PED < 1. Unit Elastic: When PED = 1. Perfectly Elastic: When PED = ∞. Perfectly Inelastic: When PED = 0. Similarly for supply: Elastic Supply: PES