Why Do Economists Use the Concept of Elasticity in Addition

question 102

Multiple Choice

Why do economists use the concept of elasticity in addition to measurement of the slope of the demand curve?

• A) Mathematical equations are favored over graphical analysis.
• B) Elasticities are independent of the units of measure.
• C) The concept of elasticity can be used in other areas of economics, whereas the slope of the demand curve is only useful in demand analysis.
• D) These terms are interchangeable, but elasticity has the more professional sound.

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Definitions:

Echinoderms

A phylum of marine animals characterized by radial symmetry, a calcareous skeleton, and a complex water vascular system, including starfish, sea urchins, and sea cucumbers.

Arthropods

Invertebrate animals having an exoskeleton, a segmented body, and paired jointed appendages.

Flatworms

A diverse group of invertebrates belonging to the phylum Platyhelminthes, characterized by their flat, soft bodies.

Chelicerates

Arthropod group with specialized feeding structures (chelicerae) and no antennae; arachnids and horseshoe crabs.