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

question 158

Multiple Choice

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.

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Definitions:

Macroeconomics

Macroeconomics studies the behavior, structure, and decision-making of an economy as a whole, including issues like inflation, unemployment, and economic growth.

National Entities

Organizations or institutions that operate within a single country, typically governed by or affiliated with the national government.

Supply and Demand

A fundamental economic model describing the interaction between the availability of a resource and the desire for that resource, affecting its price.

Medicaid Eligibility

The criteria that must be met for individuals and families to qualify for Medicaid, a government-funded program providing healthcare to the needy.