unitary demand

Definition

A situation that occurs when the price elasticity of demand is equal to negative one (-1). For a business, when a product exhibits unitary demand this means that a given percent shift in the price of the product results in an equal but opposite percent change in the amount of product demanded. Hence, a one percent change in price yields a one percent decline in the amount of product demanded.

Related Videos




http://www.businessdictionary.com/definition/unitary-demand.html

Today's Top Bulls

74% Bullish
(38 Votes)
70% Bullish
(104 Votes)
68% Bullish
(76 Votes)
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z