Asked by Marianna Scaringella on May 14, 2024
Verified
Refer to Figure 2.4.3 above. Which of the following best describes de demand curve in this figure?
A) Demand is infinitely elastic.
B) Demand is completely inelastic.
C) Demand becomes more inelastic the lower the price.
D) Demand becomes more elastic the lower the price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase, ceteris paribus.
- Dissect and interpret the nuances of demand curves, identifying their elasticity, inelasticity, and unit elasticity.
Verified Answer
AP
Amber PatrixMay 17, 2024
Final Answer :
B
Explanation :
Demand is completely inelastic if the quantity demanded does not change regardless of the price level, which is what a vertical demand curve represents.
Learning Objectives
- Dissect and interpret the nuances of demand curves, identifying their elasticity, inelasticity, and unit elasticity.