When the price of keyboards changes, the % change in the price of keyboards is greater than the % change in the quantity of keyboards demanded. Which of the following best describes the price elasticity of demand for keyboards
A. Infintely elastic
B. elastic
C. inelastic
D. Unitary elastic
Demand is said to be price inelastic when a change in price causes a smaller percentage change in demand. It occurs where there is a price elasticity of demand (PED) of less than one.
