Unitary elastic demand refers to a situation where the percentage change in quantity demanded is equal to the percentage change in price. In other words, if the price of a good or service changes by a certain percentage, the quantity demanded will change by the same percentage, resulting in a total revenue that remains constant. For example, if the price of a product increases by 10%, the quantity demanded will decrease by 10%, maintaining total revenue at the same level.
Thus, the correct statement is:
The percentage change in quantity demanded is equal to the percentage change in price.
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