Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...
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Question
Transcribed Image Text:$10-
Demand
4
Curve Y
Demand
Curve X
3
4
5 QUANTITY
22. The demand curves X and Y are shown in the graph above.
Which of the following offers the most accurate comparison
of the price elasticities of demand curves X and Y at a price
of $4?
Demand Curve X
(A) Perfectly elastic
(B) Perfectly inelastic
(C) Perfectly inelastic
(D)
Demand Curve Y
Perfectly inelastic
Perfectly elastic
Relatively elastic
Perfectly elastic
Relatively inelastic
Relatively inelastic
(E)
Relatively elastic
PRICE
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