Over the price range from $180 to $120 in Figure 20.1, ceteris paribus,

Name: Over the price range from $180 to $120 in Figure 20.1, ceteris paribus,
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the Law of Demand, as price increases, quantity demanded decreases, ceteris paribus. In this case, the price range results in a decrease in quantity demanded, indicating that consumers are sensitive to changes in price. This means that demand is elastic.

Over the Price Range from $180 to $120 in Figure