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The following graph displays four demand curves (LL, MM, NN, and 00) that intersect at point A.
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-Between-points-A-and-D,-curve-NN-is-inelastic.2)-Curve-NN.png?x-oss-process=image/resize,w_560/format,webp)
True or False
1) Between points A and D, curve NN is inelastic.
2) Curve NN is less elastic between points A and D than curve MM
is between points A and C.
3)Between points A and B, curve LL is unit elastic.
Flatter the curve, more is the
elasticity.
Steeper the curve, less is the
elasticity
1)
The NN curve between the points A and B is steeper, and therefore inelastic. This statement is true.
2)
Curve MM is more flat than curve NN. Between the points, MM curve will be more flexible than NN curve. The statement is true
3)
Between A and B, LL can be described as horizontal. This means that there is no elastic demand between the two points. The demand is therefore not unit elastic. This statement is false.
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