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Fill in the Blank with Appropriate Alternatives Given Below: the Slope of Demand Curve is _______________ in Case of Inelastic Demand. - Economics

MCQ

Fill in the blank with appropriate alternatives given below:

The slope of demand curve is _______________ in case of inelastic demand.

Options

  • flatter

  • steeper

  • horizontal

  • vertical

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Solution

The slope of demand curve is steeper in case of inelastic demand.

Explanation:

Demand is said to be inelastic, When the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. The demand curve in such situations is steeper.

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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 4 Elasticity of Demand
Exercise | Q 1.5 | Page 31
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