The flatter the demand curve passing through a given point, the less elastic the demand curve at that point.
The elasticity of Demand:
The elasticity of demand is the concept that deals with changes in quantity demanded when there is a change in price. If demand is elastic, the quantity demanded changes a great deal with a change in price. If demand is inelastic, the change is smaller.
Answer and Explanation: 1
The statement, "The flatter the demand curve passing through a given point, the less elastic the demand curve at that point," is False.
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 3 / Lesson 13
What is inelastic demand? What is the economic significance of an inelastic demand? Learn about inelastic demand, and its impact on economic decision making.