The Figure Given Below Shows the Demand Curves of Two

question 1

Multiple Choice

The figure given below shows the demand curves of two classes of buyers for tickets to a football match. Figure 10.4 D₁: Demand curve of group 1
D₂: Demand curve of group 2
MR₁: Marginal revenue of group 1
MR₂: Marginal revenue of group 2
MC: Marginal cost
In Figure 10.4, the demand curve D₂:

• A)has a price elasticity of demand greater than 1.
• B)is relatively less price elastic than D₁.
• C)is the inverse of the demand curve D₁.
• D)has a price elasticity of demand less than 1.
• E)represents the demand of the group that is more responsive to price changes.

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Definitions:

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