In case of relatively more elastic, demand curve is:
  • a)
    Horizontal
  • b)
    Vertical
  • c)
    Steeper
  • d)
    Flatter
  • e)
    In case of relatively more elastic, demand curve is:(i) Horizontal(ii) Vertical(iii) Steeper(iv) Flatter
Correct answer is option 'D'. Can you explain this answer?

Commerce Question

By Pulkit Singh · Feb 19, 2020 ·Commerce
2 Answers
Priyanshu Tiwari answered Dec 06, 2019
Elasticity refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is more elastic, then small changes in price will cause large changes in quantity consumed. If a curve is less elastic, then it will take large changes in price to effect a change in quantity consumed.

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