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Which conclusion does this graph most support?
100
Product A
75
Demand
50
Product B
25
0
$10 $15 $20
Price
$25
A. Product A is closer to equilibrium price than product B.
B. Product B is closer to equilibrium price than product A.
C. Product A has more elastic demand than product B.
D. Product A has more inelastic demand than product B.

Which conclusion does this graph most support 100 Product A 75 Demand 50 Product B 25 0 10 15 20 Price 25 A Product A is closer to equilibrium price than produc class=

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akposevictor

Answer:

C. Product A has more elastic demand than product B.

Explanation:

The graph plotted above shows the quantity demanded for 2 products in relation to their prices.

Looking at the graph, we visually conclude that product A is more responsive to a change in price, compared to how responsive product B is to a change in price.

Invariably, a change in the price of commodity A causes a greater change in the quantity demanded, compared to a change in quantity demanded for product B, with almost the same change in price.

Option C is the answer.

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