Elasticity of demand is closely related to the slope of the demand curve.The less responsive buyers are to a change in price,the
A)steeper the demand curve will be.
B)flatter the demand curve will be.
C)further to the right the demand curve will sit.
D)closer to the vertical axis the demand curve will sit.

Question

Quizplus · Accepted Answer

When buyers are less responsive to a change in price, it means that the quantity demanded does not change much in response to a change in price. This leads to a steeper demand curve, since a change in price results in a smaller change in quantity demanded. Conversely, when buyers are more responsive to a change in price, the demand curve will be flatter.

Elasticity of Demand Is Closely Related to the Slope of the Demand