Determine whether the following statement is True or False. A steeper demand curve corresponds to a...
Determine whether the following statement is True or False. A steeper demand curve corresponds to a lower elasticity.
Homework Answers
The statement is False.
A steeper demand curve signifies higher slope. The slope is constant along the demand curve, but elasticity differs at every point. At the vertical intercept of demand curve, elasticity is infinity, so demand is perfectly elastic. At the horizontal intercept of demand curve, elasticity is zero, so demand is perfectly inelastic. At midpoint of demand curve, demand is unit elastic.
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