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Complete the following statement: When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is ______. Options
Advertisement Remove all ads SolutionWhen 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 Is there an error in this question or solution? Advertisement Remove all ads Chapter 3.2: Elasticity of Demand - Exercise [Page 34] Q 1. (4)Q 1. (3)Q 1. (5) APPEARS INBalbharati Economics 12th Standard HSC Maharashtra State Board Chapter 3.2 Elasticity of Demand Advertisement Remove all ads When the percentage change in quantity demanded is less than the percentage change in the price of the product demand is said to be inelastic?Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is deemed inelastic.
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 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 percentage change in quantity demanded is more than the percentage change in price then demand curve is?Answer: Elastic demand or supply curves indicate that the quantity demanded or supplied responds to price changes in a greater than proportional manner. An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied.
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When the percentage change in quantity demanded is less than the percentage change in price the demand curve is Dash?
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