If the elasticity of demand for a product is -0.5, this means that?
- Demand is perfectly elastic
- Demand is inelastic
- Demand is unit elastic
- Demand is elastic
Explanation
- Elasticity measures responsiveness of quantity demanded to price change.
- If elasticity is less than 1 (in absolute value), demand is inelastic.
- Here, -0.5 shows small response to price changes.
- So demand does not change much when price changes.
Last verified on 24-04-2026
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