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Taxation as a Tool

A relatively ...

Question

A relatively elastic demand curve has a steeper slope.

A

True

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B

False

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Solution

The correct option is B False
False. A relatively elastic demand has a flatter curve because the percentage change in quantity demanded is greater than a percentage change in price.
The slope of demand is steeper in case of relatively inelastic demand the price may increase or decrease but the quantity demanded will near about remain the same

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Q. Fill in the blanks with appropriate alternatives given in the brackets:

1. The demand for salt is _______________. (elasticity/ inelastic/ infinite elastic/ unitary elastic)

2. Income elasticity of demand for inferior goods is __________. (positive/ negative/ zero/ greater than one)

3. Perfectly elastic demand curve is _________________. (horizontal to OX axis / horizontal to OY axis/ flatter/ steeper)

4. Cross elasticity of demand is applicable to ____________ goods. (unrelated/ substitute/ inferior/ natural)

5. The slope of demand curve is _______________ in case of inelastic demand. (flatter/ steeper/ horizontal/ vertical)

Q. Highly elastic negatively sloped demand curve is related to ______.

Q.
When slope of demand curve

= 0

, price elasticity of demand =

\infty

Q.
Price elasticity of demand is identical with slope of demand curve.

Q.
When the slope of demand curve =

\infty

, price elasticity of demand =0.

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