Asked by
Bernice Aguilar
on Nov 17, 2024Verified
A linear, downward-sloping demand curve has a constant elasticity but a changing slope.
Constant Elasticity
A condition in economics where the elasticity of one variable with respect to another is consistent across different levels of those variables.
Linear
Pertaining to something that is straight or sequential, often used to describe processes or relationships that have a constant rate of change.
Downward-Sloping
Describes a line on a graph that decreases in height as it moves from left to right, indicating a negative relationship between two variables.
- Comprehend the principle of price elasticity of demand and how it is determined.
Verified Answer
AA
Learning Objectives
- Comprehend the principle of price elasticity of demand and how it is determined.