(1) (T,F,U) When the inverse demand curve takes the form p= 1/x (Where p is price and x is quantity demanded), then the price elasticity of demand will fall with an increase in price, since at very low prices the inverse demand curve is almost flat, and at very low prices is almost vertical (PLease put an explanation for the answer, Thank u )
(1) (T,F,U) When the inverse demand curve takes the form p= 1/x (Where p is price and x is quantity demanded), then the price elasticity of demand will fall with an increase in price, since at very…
