Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516Which of the following is correct?

A. Although the slope of the demand curve is constant, price elasticity of demand goes from inelastic to elastic as we move from high to low price ranges.
B. Although the demand curve is convex to the origin, price elasticity of demand is constant throughout.
C. Although the slope of the demand curve is constant, price elasticity of demand goes from elastic to inelastic as we move from high to low price ranges.
D. A steep slope means demand is relatively inelastic; a flat slope means demand is relatively elastic.


Answer: C

Economics

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