If demand for a product is elastic,the value of the price elasticity coefficient is:

A) zero.
B) greater than one.
C) equal to one.
D) less than one.

Price Elasticity Coefficient

A measure used in economics to show how the quantity demanded of a good or service responds to a change in its price, calculated as the percentage change in quantity demanded divided by the percentage change in price.

Elastic

Describes a situation where the demand or supply of a good or service is sensitive to changes in price.