Which Of The Following Statements About Price Elasticity Of Demand Is Most Accurate?

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Which Of The Following Statements About Price Elasticity Of Demand Is Most Accurate?

A) Price elasticity with inelastic demand must always be greater than one. B) The more substitutes a product has, the less likely it is to be price elastic. C) Unitary demand represents the relationship between the cash outlay necessary to purchase a product, relative to a person's disposable income. D) Items requiring large cash outlay relative to the consumer's disposable income are price elastic. E) With inelastic demand, reducing price will result in an increase in total revenue though not necessarily an increase in profit.
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D) Items requiring large cash outlay relative to the consumer's disposable income are price elastic.
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