Assume That the Quantity of Steak Is Plotted on the Horizontal

question 73

Multiple Choice

Assume that the quantity of steak is plotted on the horizontal axis and all other goods are plotted on the vertical axis.For the range in which the price-consumption curve is downward sloping,the price elasticity of demand for steak:

• A)is elastic.
• B)is inelastic.
• C)is unit-elastic.
• D)cannot be determined without additional information.

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