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When the percentage change in quantity demanded is less than the percentage change in price the demand curve is?

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Complete the following statement:

When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is ______.

Options

  • flatter

  • steeper

  • rectangular

  • horizontal

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Solution

When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter.

Concept: Types of Price Elasticity of Demand

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Chapter 3.2: Elasticity of Demand - Exercise [Page 34]

Q 1. (4)Q 1. (3)Q 1. (5)

APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board

Chapter 3.2 Elasticity of Demand
Exercise | Q 1. (4) | Page 34

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When percentage change in quantity demanded is more than the percentage in price then the demand curve is?

When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter.

When percentage change in quantity demanded is less than the percentage change in price than demand curve is a flatter B steeper C rectangular hyperbola D horizontal?

Answer and Explanation: 1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.

When the percentage change in the quantity supplied is less than the percentage change in price the supply is?

Supply is price elastic when the percentage change in quantity supplied is greater than the percentage change in price, and supply is price inelastic when the percentage change in quantity supplied is less than the percentage change in price.

When the percentage change in quantity demanded is less than the percentage change in price of a given product being purchased we say the demand for such a product is?

Example of Price Elasticity of Demand Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is deemed inelastic.

percentage change quantity demanded price demand curve

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