the demand for good A and the demand for good B are both price elastic
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
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.
the demand for good A and the demand for good B are both price elastic
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
Demand is unit elastic.
elastic
difference between elastic and inelastic demand
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Highly elastic.
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
When Demand is perfectly elastic, Marginal Revenue is identical with price.