The Graph Below Illustrates Three Demand Curves

question 143

Multiple Choice

The graph below illustrates three demand curves.

-Refer to the graph above to answer this question.Which of the following statements is correct?

• A)Demand curve D₃ is the most inelastic demand.
• B)Equilibrium price must be $50.
• C)If price is $30 and demand is D₃ then the quantity demanded is 720 units per day.
• D)Demand curve D₁ is more inelastic than D₃.
• E)Demand curve D₁ is perfectly elastic.

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