A. elastic
B. inelastic
C. zero elastic
D. unitary elastic
Correct Answer: Option B
B. inelastic
Explanation
The numerical values for the PED coefficient could range from zero to infinity. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than the proportional effect on the quantity of the good demanded.
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