If a 7% increase in the price of cheese causes a 7% reduction in the total revenue received by cheese farmers, the demand for cheese is:A. Inelastic. B.Elastic. C.Unit elastic. D.Infinite

C.Unit elastic

Explanation:

Unit elastic demand is the term that describes a scenario where a change in price causes a proportionate change in demand. It is one of the types of elastic demand. A good or service is said to have elastic demand if a small change in price causes a considerable change in the quantity demanded.

In the unit elastic demand, if a product price changes by a certain percentage, the demand will change by an equal percentage. In this scenario, a 7 percent price increase results in a 7 percent decrease in demand.

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