Final answer:
In terms of the elasticity of demand, a good that is "very" elastic has a flatter slope on the demand curve, indicating a large change in quantity with a small change in price, while a good that is "very" inelastic has a steeper slope, showing only a small change in quantity demanded regardless of significant price changes. The correct option is B.
Step-by-step explanation:
The question regarding the elasticity of demand addresses how the elasticity of a good is represented on a graph and how it differs from something that is inelastic. For goods that are very elastic, a small change in price leads to a large change in the quantity demanded, and these goods typically have a flatter slope on the demand curve.
This means that consumers are highly responsive to price changes for these goods. On the other hand, goods that are very inelastic will only exhibit a small change in quantity demanded even with significant price changes. These goods are represented with a steeper slope on the demand curve, as consumers are less responsive to price changes. It's important to note that elasticity is not solely dependent on the slope of the curve but rather on the percentage change in quantity demanded relative to the percentage change in price.
Therefore, the correct answer to the student's question would be that something that is "very" elastic would be represented by b) Flatter slope for elastic goods, and something "very" inelastic would be represented by c) Steeper slope for inelastic goods.