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Question
The following diagram represents ______ elastic demand for commodity X.
Options
Less
Highly
Unitary
Perfectly
MCQ
Fill in the Blanks
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Solution
The following diagram represents highly elastic demand for commodity X.
Explanation:
The diagram represents a relatively flat downward-sloping demand curve, indicating highly elastic demand. A vertical curve would be perfectly inelastic, while a horizontal curve would be perfectly elastic.
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