-According to Table 2.1,which presents hypothetical data on price elasticity of demand,which good has the steepest demand curve?
A) Car Repair
B) Bread
C) Electricity
D) Lamb

Question

-According to Table 2.1,which presents hypothetical data on price elasticity of demand,which good has the steepest demand curve?
A) Car Repair 
B) Bread 
C) Electricity 
D) Lamb

Quizplus · Accepted Answer

The steepest demand curve is indicated by the lowest price elasticity of demand value, as it shows that quantity demanded is least responsive to price changes. Electricity typically has a low price elasticity of demand because it is a necessity with few substitutes, leading to a steeper demand curve compared to more elastic goods.