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What is the condition for price inelastic demand?
Economics
ScanSolve AI Answer
The demand for a good is price inelastic if the absolute value of its price elasticity of demand is less than 1.
The visible options are:
A. Greater than 1 (This describes elastic demand)
B. Equal to 1 (This describes unit elastic demand)
Options C and D are not fully visible in the image. Therefore, a specific multiple-choice letter cannot be selected from the provided options, but the correct condition for price inelastic demand is when the price elasticity of demand is less than 1.
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