A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2013 · Q81 Mark
The diagram shows the demand for a product for which there are only three buyers, Freeman, Hardy and Willis. [Figure 8.1] The table shows the demand from two of the three buyers. [Table 8.1] Which statement about the demand for the product from Willis is correct?
This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.
AIt has unitary price elasticity of demand.
BIt is a downward sloping straight line demand curve.
CIt is a perfectly elastic demand curve.
DIt is a perfectly inelastic demand curve.
✓ Correct answer
D: It is a perfectly inelastic demand curve.
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