{"id":48069,"date":"2024-04-15T22:35:57","date_gmt":"2024-04-15T22:35:57","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=48069"},"modified":"2024-04-15T22:35:57","modified_gmt":"2024-04-15T22:35:57","slug":"consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/","title":{"rendered":"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;slopes are different&#8221; option2=&#8221;prices are different&#8221; option3=&#8221;quantities are different&#8221; option4=&#8221;price-quantity ratios are different&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. slopes are different.<\/p>\n<p>The elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price.<\/p>\n<p>The demand curve is a graph that shows the relationship between price and quantity demanded. The slope of the demand curve measures how responsive consumers are to changes in price. A steeper demand curve indicates that consumers are more responsive to changes in price, while a flatter demand curve indicates that consumers are less responsive to changes in price.<\/p>\n<p>In the diagram, the demand curve is steeper at price P1 than at price P2. This means that consumers are more responsive to changes in price at price P1 than at price P2. In other words, a small change in price will lead to a larger change in quantity demanded at price P1 than at price P2.<\/p>\n<p>Therefore, the elasticities of demand at prices P1 and P2 are different because the slopes of the demand curve are different.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;slopes are different&#8221; option2=&#8221;prices are different&#8221; option3=&#8221;quantities are different&#8221; option4=&#8221;price-quantity ratios are different&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-48069","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;slopes are different&#8221; option2=&#8221;prices are different&#8221; option3=&#8221;quantities are different&#8221; option4=&#8221;price-quantity ratios are different&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T22:35:57+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/","og_locale":"en_US","og_type":"article","og_title":"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices","og_description":"[amp_mcq option1=&#8221;slopes are different&#8221; option2=&#8221;prices are different&#8221; option3=&#8221;quantities are different&#8221; option4=&#8221;price-quantity ratios are different&#8221; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T22:35:57+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/","url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/","name":"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T22:35:57+00:00","dateModified":"2024-04-15T22:35:57+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-demand-curve-depicted-in-the-following-diagram-the-elasticities-of-demand-at-prices-p1-and-p2-are-different-because-at-these-prices\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"Consider the demand curve depicted in the following diagram- The elasticities of demand at prices P1 and P2 are different because, at these prices"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/48069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=48069"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/48069\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=48069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=48069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=48069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}