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What product is more likely to have the MOST elastic demand curve?
Wiki User
∙ 11y ago
Household electricity
Wiki User
∙ 11y ago
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When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
What is the distinctive feature of the demand curve of a firm in pure competition?
The demand curve would be perfectly elastic.
An item's demand curve will be elastic when?
substitutes are unavailible
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
Along a linear demand curve as the price rises demand becomes more?
elastic
When a product is in demand what happens to the demand curve?
the market demand for the product. undefined. more inelastic than the market demand for the product. more elastic than the market demand for the product
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.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
What is the distinctive feature of the demand curve of a firm in pure competition?
The demand curve would be perfectly elastic.
An item's demand curve will be elastic when?
substitutes are unavailible
When is a market penetration pricing policy appropriate a.if a product is new and different b.if demand is highly elastic c.if demand is inelastic d.if there is no possibility of economies of scale?
b. when demand is highly elastic. (The penetration strategy is used when an elite market does not exist and demand seems to be elastic over the entire demand curve.)
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
Along a linear demand curve as the price rises demand becomes more?
elastic
What does a demand curve show?
The upward movement of the demand curve indicates the rising demand of the product, whereas downward movement of the demand curve indicates falling demand.
What is rectangular hyperbola demand curve?
This is the curve which shows the unitary elastic demand where the change in quantity demanded equals with the change in price.
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
Which is inconsistent with an elastic demand curve?
The price elasticty coefficient is fractional.
