Multiple Choice
The exhibit illustrates two possible demand curves for a product,D₁ and D₂.Which of the following is true regarding these demand curves?
A) Demand curve D₁ represents a demand curve that is relatively more elastic than demand curve D₂.
B) Demand curve D₁ represents a demand curve that is relatively more inelastic than demand curve D₂.
C) Demand curve D₁ represents a demand curve that shows consumer purchases being more responsive to a change in the price of the good than demand curve D₂.
D) Both are examples of unitary elastic demand curves.
Correct Answer:
Verified
Correct Answer:
Verified
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