The following graph displays four demand curves (LL, MM, NN, and OO) that inters

Question

The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A.

Using the graph, complete the table that follows by indicating whether each statement is true or false.

Statement

Statement

(Treu or False) Curve MM is less elastic between points A and C than curve NN is between points A and D. (T/F) Between points A and C, curve MM is elastic. (T/F) Between points A and B, curve LL is perfectly inelastic. (T/F) 200 180 160 140 100 u 80- CD a 60 40 20 T 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Units)

Explanation / Answer

Elasticity can be judges by flatness and steepnes of curve. A flat curve is elastic while steep is inelastic.

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