Question

if the price elasticity is 1 and the price of the good rises then why will the quantity demanded remain constant?​

Answer 1

Answer:

When the value of elasticity is greater than 1.0, it suggests that the demand for the good or service is affected by the price. ... If elasticity is zero it is known as perfectly inelastic. If elasticity = 0, then it is said to be 'perfectly' inelastic, meaning its demand will remain unchanged at any price.