Figure 6-4
-Refer to Figure 6-4. At the midpoint of the demand curve, in absolute value,

Name: Figure 6-4 -Refer to Figure 6-4. At the midpoint of the demand curve, in absolute value,
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Question

Figure 6-4 
-Refer to Figure 6-4. At the midpoint of the demand curve, in absolute value,

Quizplus · Accepted Answer

At the midpoint of the demand curve, in absolute value, the price elasticity coefficient is one. This means that a one percent change in price will result in a one percent change in quantity demanded. This is the point where the demand curve is most responsive to changes in price.

Figure 6-4 -Refer to Figure 6-4. at the Midpoint of the Demand