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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

A linear, downward-sloping demand curve is

a. inelastic

b. unit elastic.

c. elastic.

d. inelastic at some points, and elastic at others.

To determine
Elasticity of a linear downward sloping demand curve.

Explanation

Option (d)

Linear downward sloping demand curve has a constant slope but a varying elasticity of demand. It varies between different pairs of points along a linear demand curve. The lower the price, the greater the quantity demanded and vice-versa. Thus it is elastic at some points and inelastic in other points. So option‘d’ is correct.

Option (a)

Demand curve is inelastic when it is a steeper curve...

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