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What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 ...

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What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 ...

What does the following statement imply about price elasticity of demand? "Consumers unfazed by 400 percent increase in price of table salt-grocers see no change in sales!"

▸ Demand for salt is almost perfectly inelastic in the relevant price range.

▸ Elasticity of demand for salt is equal to one.

▸ Salt is too narrowly defined to determine price elasticity of demand.

▸ Salt is too broadly defined to determine price elasticity of demand.

▸ Demand for salt is elastic.

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Microeconomics

Edition: 17^th

Author: Ragan

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