MCQ
Complete the following statement:
When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is ______.
Options
flatter
steeper
rectangular
horizontal
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Solution
When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter.
Concept: Types of Price Elasticity of Demand
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Chapter 3.2: Elasticity of Demand - Exercise [Page 34]
Q 1. (4)Q 1. (3)Q 1. (5)
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Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 3.2 Elasticity of Demand
Exercise | Q 1. (4) | Page 34
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When percentage change in quantity demanded is less than the percentage change in price the demand curve is a flatter B steeper C rectangular D horizontal 1 point?
Explanation: Demand is said to be inelastic, When the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. The demand curve in such situations is steeper.
When percent change in quantity demanded is less than the percentage change in price the demand curve is A rectangle B steeper C flatter D horizontal?
1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.
When the percentage change in the quantity demanded is less than the percentage change in price then demand is quizlet?
Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price, so the price elasticity is less than 1 in absolute value.
When the percentage change in quantity demanded is less than the percentage change in price ceteris paribus?
When the percentage change in quantity demanded is less than the percentage change in price, ceteris paribus, Demand is inelastic.