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     EduGorilla 
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    Consider the given statements about ranges of elasticity:
    1. For Inelastic demand quantity demanded does not respond strongly to price changes.
    2. If the price elasticity of demand is equal to 0, demand is perfectly inelastic.
    3. When the value of elasticity is greater than 1, it suggests that the demand for the good
    or service is affected by the price.
    4. A value that is less than 1 suggests that the demand is insensitive to price.
    Which of the given statement(s) is are correct?

    Options :-

    1. 1 and 2 only
    2. 2 and 3 only
    3. 1, 2 and 3
    4. All of the above
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Reply To: Consider the given statements about ranges of elasticity:1. For Inelastic demand quantity demanded d….
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