Question

using the graph, complete the table that follows by indicating whether each statement is true or false.
statement | true | false
curve ll is less elastic between points v and x than curve oo is between points v and x | ○ | ○
between points v and y, curve dd is elastic. | ○ | ○
between points v and z, curve mm is unit elastic. | ○ | ○

Explanation:

1. For the first statement: Curve LL is steeper than curve OO between V and X. Steeper demand curves are less elastic (more inelastic) at the same price/quantity range, so this is true.
2. For the second statement: Curve OO is a straight line demand curve that is not vertical or horizontal. Between V and Y, it is not perfectly elastic (which would be a horizontal curve), so this is false.
3. For the third statement: Curve MN is a horizontal line, which represents perfectly elastic demand, not unit elastic. Unit elastic demand has a constant elasticity of -1 and is a rectangular hyperbola, so this is false.

Answer:

Statement	True	False
Between points V and Y, curve OO is elastic.	$\bigcirc$	$\bigcirc$ (checked)
Between points V and Z, curve MN is unit elastic.	$\bigcirc$	$\bigcirc$ (checked)