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What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
When demand is perfectly elastic what happens to marginal revenue?
When Demand is perfectly elastic, Marginal Revenue is identical with price.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
When demand is perfectly elastic what happens to marginal revenue?
When Demand is perfectly elastic, Marginal Revenue is identical with price.
What is the definition of perfectly elastic demand?
A perfectly elastic demand is one whos demand curve is a perfectly horizontal line. This means that at the same price for the item, the consumer is willing to buy more and more even at that same price.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
What type of curve does the perfectly competitive firm face?
perfectly elastic demand function.
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
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.
Why perfect elasticity of demand does not exist?
In a perfectly elastic situation quantity is infinite. If you believe in God then infinity can have a meaning. If you do not believe in God then infinity is only theoretical for mathematical purposes.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
