Elastic demand or supply curves indicate that the quantity demanded or supplied responds to price changes ina greater than proportional manner.Note:✓ Select an optionTrueFalseer than the Save Answer button will NOT save any changes to your answers! Elasticity can be described as elastic or very responsive; unit elastic or inelastic -not very responsive.Note:Select an optionTrueFalseer than the Save Answer button will NOT save any changes to your answers!

Answered: Elasticity can be described as elastic…

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Elasticity can be described as elastic or very responsive; unit elastic or inelastic -not very responsive.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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Question

100%

Elastic demand or supply curves indicate that the quantity demanded or supplied responds to price changes in
a greater than proportional manner.
Note:
✓ Select an option
True
False
er than the Save Answer button will NOT save any changes to your answers!

Elasticity can be described as elastic or very responsive; unit elastic or inelastic -not very responsive.
Note:
Select an option
True
False
er than the Save Answer button will NOT save any changes to your answers!

Expert Solution

Step 1

1.
The elasticity of demand/ supply measures the responsiveness/ sensitivity of the quantity demanded/ supplied with respect to the price.

If the demand or supply curve is elastic it would imply that a change in quantity demanded/ supplied is more than a change in price.

Hence, The above statement is true

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