Asked by
Paneri kansara
on Oct 26, 2024
Verified
If the price elasticity of demand equals 0,the demand curve is:
A) horizontal.
B) vertical.
C) upward sloping.
D) unit-elastic.
Price Elasticity
A measure of responsiveness of the quantity demanded or supplied of a good to a change in its price, indicating how changes in price affect demand or supply levels.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to buy.
- Acquire knowledge on the idea of price elasticity of demand and how to compute it.
- Differentiate inelastic from elastic products by analyzing their respective elasticity metrics.
Verified Answer
ND
Learning Objectives
- Acquire knowledge on the idea of price elasticity of demand and how to compute it.
- Differentiate inelastic from elastic products by analyzing their respective elasticity metrics.