Figure: Elasticity and Quantity Demanded Refer to the figure. An increase in price from $40 to $50 would cause the change in quantity demanded for D1 to be:
A) greater than the change in quantity demanded for D2 so D1 is more elastic than D2.
B) greater than the change in quantity demanded for D2 so D2 is more elastic than D1.
C) less than the change in quantity demanded for D2 so D1 is more inelastic than D2.
D) less than the change in quantity demanded for D2 so D2 is more inelastic than D1.
Correct Answer:
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