Define the term unitary elastic
Define the term unitary elastic.
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Unit elasticity of demand also called unitary elastic:
Now there the change in demand is exactly equivalent to the change in price. While both are equal, ep= 1, the elasticity is considers as unitary.
When, for a perfectly competitive firm that price exceeds the marginal cost of production then the firm must: w) raise its output. x) reduce its output. Y) keep output constant and enjoy the above normal profit. z) lower the price.
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