Assertion: price elasticity | /r/HasProperty | less than 1
Facets:
Source sentences:
text: Price elasticity of demand that is less than 1 is inelastic.
text: If the price elasticity is >1 it is elastic, equal to 1 means unit elastic (1 unit change in price means 1 unit change in demand), and <1 means demand is inelastic.
text: when percentage change in quantity demanded is less than the percentage change in price then, price elasticity will be less than one and in this case demand is said to be inelastic.
text: Jenny concludes that the supply of this crop is inelastic since the price elasticity of supply is less than 1.
text: When the price elasticity of a good is less than 1, it’s considered inelastic.
text: Where the price elasticity of demand is less than 1 .
text: When the price elasticity of demand is less than 1, the change in quantity demanded is proportionately less than the change in price.