(Figure: The Demand Curve) Use Figure: The Demand Curve.By the midpoint method,the price elasticity of demand between $1 and $2 is approximately:

A) 0.18.
B) 0.56.
C) 1.80.
D) 5.67.

Price Elasticity

An indicator of the alteration in the amount of a product that is either demanded or supplied, as a result of variations in its market price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at various prices.

Midpoint Method

A technique used to calculate the elasticity of demand or supply between two points on a curve by using the average of the two points.