Asked by Jacob Andersen on Jun 19, 2024
Verified
The flatter the demand curve that passes through a given point, the more inelastic the demand.
Inelastic Demand
A situation where the demand for a good or service does not significantly change in response to price changes.
- Distinguish between the concepts of inelastic and elastic demand.
- Understand the importance of elasticity metrics in economic studies.
Verified Answer
LD
Leroy DsouzaJun 20, 2024
Final Answer :
False
Explanation :
The flatter the demand curve that passes through a given point, the more elastic the demand, indicating that quantity demanded is more sensitive to price changes.
Learning Objectives
- Distinguish between the concepts of inelastic and elastic demand.
- Understand the importance of elasticity metrics in economic studies.