substitutes are unavailible
When supply and demand are perfectly elastic/inelastic
The demand curve would be perfectly elastic.
yes the demand curve is perfectly inelastic and horizontal
elastic
This is the curve which shows the unitary elastic demand where the change in quantity demanded equals with the change in price.
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
When supply and demand are perfectly elastic/inelastic
The demand curve would be perfectly elastic.
yes the demand curve is perfectly inelastic and horizontal
elastic
This is the curve which shows the unitary elastic demand where the change in quantity demanded equals with the change in price.
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
The price elasticty coefficient is fractional.
A monopolistic competitor's demand curve is less elastic than apure competitor's which is less elastic than a pure monopolist's.
A monopoly typically produces in the inelastic part of the demand curve because it has control over the quantity supplied and can set prices higher without losing too many customers. This allows the monopoly to maximize its profits by charging higher prices for its products.
Household electricity
yes