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When price remains constant and quantity demanded changes, then the elasticity of demand will be:
- a)Vertical to X-axis
- b)Horizontal to X-axis
- c)Either (a) or (b)
- d)None
Correct answer is option 'B'. Can you explain this answer?
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When price remains constant and quantity demanded changes, then the el...
Elasticity of Demand When Price Remains Constant
When price remains constant, the elasticity of demand refers to the responsiveness of the quantity demanded to a change in other factors such as income, tastes, preferences, and availability of substitutes.
Horizontal to X-axis
When the quantity demanded changes significantly in response to a small change in any of the above factors, the demand is said to be elastic. In this scenario, the demand curve is flat and parallel to the x-axis, indicating that a small change in price results in a large change in quantity demanded.
Therefore, the correct answer is option B, which states that when price remains constant and quantity demanded changes, then the elasticity of demand will be horizontal to the x-axis.
When price remains constant, the elasticity of demand refers to the responsiveness of the quantity demanded to a change in other factors such as income, tastes, preferences, and availability of substitutes.
Horizontal to X-axis
When the quantity demanded changes significantly in response to a small change in any of the above factors, the demand is said to be elastic. In this scenario, the demand curve is flat and parallel to the x-axis, indicating that a small change in price results in a large change in quantity demanded.
Therefore, the correct answer is option B, which states that when price remains constant and quantity demanded changes, then the elasticity of demand will be horizontal to the x-axis.
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