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Complete the following statement: When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is ______. Options
Advertisement Remove all ads SolutionWhen the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter. Concept: Types of Price Elasticity of Demand Is there an error in this question or solution? Advertisement Remove all ads Chapter 3.2: Elasticity of Demand - Exercise [Page 34] Q 1. (4)Q 1. (3)Q 1. (5) APPEARS INBalbharati Economics 12th Standard HSC Maharashtra State Board Chapter 3.2 Elasticity of Demand Advertisement Remove all ads When the change in price is greater than the change in quantity demanded the demand is said to be?An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. If the formula creates an absolute value greater than 1, the demand is elastic.
What is price elasticity when percentage change in quantity demanded is less than percentage change in price?If the percentage change in the quantity demanded is less than the percentage change in price, the PED is less than 1. A PED that is less than 1 (in absolute terms) is considered "inelastic."
What do you call the elasticity when the percentage change in quantity demanded is greater than the percentage change in price?elastic demand when the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price elastic supply when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price ...
When the percentage change in quantity demanded is more than the percentage change in price the demand curve is * 1 point rectangular steeper flatter horizontal?Solution. When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter.
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What is price elasticity when percentage change in quantity demanded is more than percentage change in price?
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