The price elasticity of demand for agricultural or other products will be most i
ID: 1218566 • Letter: T
Question
The price elasticity of demand for agricultural or other products will be most inelastic under which of the following situations?
Within very long time period
Within a moderately short time period
Within a very short time period
Within a moderately long time period
The demand curve D2 is flatter than the demand curve D1 and crosses at a single point say point B. What can be said about the relative elasticity of demand for these two demand curves around point B?
D1 is more elastic than D2
D2 is more elastic than D1
D1 and D2 have the same elasticity
None of the above
a.Within very long time period
b.Within a moderately short time period
c.Within a very short time period
d.Within a moderately long time period
The demand curve D2 is flatter than the demand curve D1 and crosses at a single point say point B. What can be said about the relative elasticity of demand for these two demand curves around point B?
a.D1 is more elastic than D2
b.D2 is more elastic than D1
c.D1 and D2 have the same elasticity
d.None of the above
Explanation / Answer
1.c ) With in a very short time period.
2.b) D2 is more elastic than D1
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