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What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
What is a purely competitive industry?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero economics profits.
What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
True or False the steeper the demand curve the less elastic the demand curve?
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.
What is pure competitive?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
What is a Pure competition?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
What is elastic point?
The elastic point is a theoretical concept used in economics to determine the price elasticity of supply or demand. It represents the point on a demand or supply curve where elasticity is equal to one, indicating a unitary elastic response to price changes. At this point, a percentage change in price leads to an equal percentage change in quantity demanded or supplied.
What is the difference between a perfectly elastic and a perfectly inelastic demand curve in economics?
A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.
What is a purely competitive industry?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero economics profits.
Can be stretched and then return to its own shape?
elastic
What is unitary elasticity?
The term unitary elastic is used in economics and is also known as unitary elastic demand or unitary elasticity. It is a measure that is used to show the elasticity of the amount demanded of a product to a change in the price of the product.
What is the suffix for elastic?
suffix for elastic
Why is Elastic Clause called Elastic Clause?
It is called Elastic Clause because it can be stretched like elastic.
What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
