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Perfectly elastic supply curve: The supply of a commodity will be perfectly elastic when its price remain constant but supply changes to any extent.The supply curve will be parallel to x axis.The numerical value of elasticity of supply will be infinity. Perfectly inelastic supply curve: The supply of a commodity will be perfectly inelastic when its supply remain constant but price changes to any extent.The supply curve will be parallel to y axis.The numerical value of elasticity of supply will be zero.
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What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Aggregate supply curve is perfectly inelastic an increase in agregate demand will lead to?
Inflation.
What supply in economics is when the supply is only one and will always be one no matter what price anyone is willing to pay?
Supply Perfectly Inelastic
What are example of product with perfectly elastic and perfectly inelastic supply?
Elasticity of supply describes how a product's quantity affects its price. Milk, for example, has an elastic supply - the quantity goes up and the price goes down. Or, as the quantity is limited, the price goes up. Inelastic supply implies that availability does not affect price, such as with airplane flight tickets.
What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Shape of graph that is a Supply Curve that is perfectly inelastic?
When you think about elasticity and inelasticity graphically it always helps me to think of that the end result will be. So I will walk you through my thought process. If supply is inelastic, then no matter the price, supply will always be the same. If price is on the y-axis and quantity is on the x-axis ( as they usually are) then: Perfectly inelastic supply will be represented by a vertical line.
Aggregate supply curve is perfectly inelastic an increase in agregate demand will lead to?
Inflation.
What supply in economics is when the supply is only one and will always be one no matter what price anyone is willing to pay?
Supply Perfectly Inelastic
What are example of product with perfectly elastic and perfectly inelastic supply?
Elasticity of supply describes how a product's quantity affects its price. Milk, for example, has an elastic supply - the quantity goes up and the price goes down. Or, as the quantity is limited, the price goes up. Inelastic supply implies that availability does not affect price, such as with airplane flight tickets.
What is a perfectly inelastic supply curve?
A perfectly inelastic supply relation would be defined as one where the quantity produced remains static under any price change. If we'd plot this curve in the familiar demand-supply framework with price being on the y-axis and quantity on the x-axis, the curve would be vertical.
Why is it difficult to judge elasticity of demand or supply if you are merely observing the appearance of a demand or supply curve on a graph?
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
What is the shape of supply curve during the market period?
The supply curve during the market period is perfectly inelastic and vertical. This shows that the supply cannot be increased in the short run.
Is supply for bar soap inelastic or elastic?
is soap elastic or inelastic supply
What does market period means?
it is a period in which producers of a product are unable to change the quantity produced in response to a change in its price and in which there is a perfectly inelastic supply.
What is the example of inelastic supply?
what is supply information
