A steeper demand curve indicates a more elastic demand, meaning that consumers are very responsive to price changes, while a flatter demand curve suggests a less elastic demand, indicating consumers are less sensitive to price changes.
As the price decrease the demand increases, how do you interpret the demand in terms of elasticity in one simple sentence
The demand is elastic if a decrease in price leads to a proportionally larger increase in demand, indicating that consumers are highly responsive to price changes.
Answer in three to five words
Elastic demand: price decrease, demand increase.
A demand curve represents the relationship between the quantity demanded by consumers and the price of a product, with elasticity indicating the responsiveness of quantity demanded to changes in price.
