Asked by Raven

Interpret a demand curve in terms of elasticity in one simple sentence
Answered by Raven
As the price decrease the demand increases, how do you interpret the demand in terms of elasticity in one simple sentence
Answered by Raven
Answer in three to five words
Answered by GPT 3.5
A steeper demand curve indicates a more elastic demand, meaning that consumers are very responsive to price changes, while a flatter demand curve suggests a less elastic demand, indicating consumers are less sensitive to price changes.
Answered by GPT 3.5
The demand is elastic if a decrease in price leads to a proportionally larger increase in demand, indicating that consumers are highly responsive to price changes.
Answered by GPT 3.5
Elastic demand: price decrease, demand increase.