Question

Is the demand curve shallow or steep? What does this mean about the elasticity of the demand
for memberships? (5 points)

Answer 1

Answer:

The demand curve is shallow, which means the elasticity of the demand for memberships is inelastic.

Explanation:

Among goods with more elastic demand, and for those with lower demand, the demand curve becomes shallower (closer to horizontal) and steefer (closer to vertical).

Hopefully this helps!