Asked by Nicole Batenhorst on Jul 24, 2024
Verified
Slope is the best measure of responsiveness of the quantity demanded to a price change.
Slope
The measure of the steepness or inclination of a line or surface, typically expressed as a ratio.
- Recognize the difference between slope and elasticity.
Verified Answer
KM
Kesilolynnori MameaJul 26, 2024
Final Answer :
False
Explanation :
Elasticity is the best measure of responsiveness of the quantity demanded to a price change, as it provides a percentage change in quantity demanded in response to a percentage change in price, unlike slope which measures the absolute change.
Learning Objectives
- Recognize the difference between slope and elasticity.
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