Answer to Question #36724 in Microeconomics for lasisi

Question

Inelastic demand curve are?

a. straight line with positive slope
b. horizontal line
c. straight line with negative slope
d. vertical line

Answer 1

The demand curve is a concept in economics that plots the price of a product or service against how much of the product or service people buy. Typically, the lower the price of an item, the more people buy. However, that relationship varies depending on the item. An elastic demand curve means that a change in price has a large effect on buying, while an inelastic demand curve means that a price change has less effect on buying.
So, the right answer is c. straight line with negative slope