Chapter 5 - 5. The variety of demand curves

The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. ? 20 18 14 12 10 P PRICE (Dollars per unit) Q R S 8 10 12 14 16 18 20 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Between points V and Y, curve RR is inelastic. O O Between points V and W, curve PP is perfectly elastic. O O Curve QQ is more elastic between points V and X than curve RR is between points V and Y. O O