Fill in the blank with appropriate alternatives given below:
The slope of demand curve is _______________ in case of inelastic demand.
The slope of demand curve is steeper in case of inelastic demand.
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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- Elasticity of Demand