Question

In the real world, when demand curves are being analyzed we usually find that they are...

In the real world, when demand curves are being analyzed we usually find that they are drawn as straight linear lines?

Multiple Choice

  • This is true.

  • This is true and this is why most economics books draw them as straight lines.

  • This is false and in fact it’s possible that the same product can be both elastic and inelastic depending upon what prices are being charged.

  • It is impossible for a demand curve to have different slopes and shapes.   
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Answer #1

Ans) the correct option is this is false and in fact it’s possible that the same product can be both elastic and inelastic depending upon what prices are being charged.

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