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. 400 T 380 LA 320 280 240 200 P P PRICE (Dollars per unit) W 180 120 R S 40 80 120 180 200 240 280 320 380 400 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 elastic. O O Curve RR is less elastic between points V and Y than curve QQ is between points V and X. O O Between points V and Z, curve SS is unit elastic. O O