When we draw a graph of price and demand, elasticity is defined by which of the following?
A) the y-intercept of the line
B) the x-intercept of the line
C) the number of points we plot to create the line
D) the slope of the line

Question

Quizplus · Accepted Answer

Elasticity in economics, particularly price elasticity of demand, is defined by the slope of the demand curve on a graph where price is on the y-axis and quantity demanded is on the x-axis.

When We Draw a Graph of Price and Demand, Elasticity