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8 January, 06:43

A relatively flat demand curve indicates that the demand for a product is very sensitive to a change in price. TrueFalse

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  1. 8 January, 07:12
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    True.

    Explanation:

    A flat demand curve for a particular product indicates that the product is very sensitive to a change in the price level and on the other hand, a steeper demand curve indicates that any change in the price level doesn't have a effect on quantity demanded or have a little impact.

    Elasticity of demand refers to the responsiveness of quantity demanded with any change in the level of price of the product.

    The demand for these products is more elastic because a slightly change in the price level of a product will result in a large change in the quantity demanded for that product.
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