In question number 7, now assume that when the price was $6,000 the population i
ID: 1167440 • Letter: I
Question
In question number 7, now assume that
when the price was $6,000 the population in the area was relatively small.
when the price was dropped to $5,000 the population actually more than doubled.
This implies that the 2 points (combination of price and quantities) no longer belong to the same demand curve. Instead there was a shifting in the demand curve so that these 2 points belong to two separate demand curves. This also means that these new demand curves will be __________ the one estimated in number 7.
flatter than
steeper than
exactly the same shape as
none of the above
a.flatter than
b.steeper than
c.exactly the same shape as
d.none of the above
Explanation / Answer
This also means that these new demand curves will be steeper than the one estimated in number 7.
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