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Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
Is the monopolist's demand curve elastic or inelastic?
The monopolist's demand curve is typically inelastic, meaning that changes in price do not have a significant impact on the quantity demanded by consumers.
Show a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
See the related link. A perfectly inelastic demand would be a line straight up and down. That would show that demand is constant regardless of the price.
Explain the difference between price elasticity of demand and the slope of a demand curve?
Price elasticity is a specific type of slope of the demand curve. A perfectly inelastic demand means that the quantity will not change with the price. This line is perfectly vertical. A perfectly elastic demand curve is horizontal and means that at any given quantity, there is only one price. Also, a slope gets steeper, demand becomes more inelastic.
How much control does an oligopoly have over price?
faces a demand curve that is inelastic throughout the range of market demand. faces a perfectly inelastic demand curve. is a price maker. is also able to dictate the quantity purchased
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
Is the monopolist's demand curve elastic or inelastic?
The monopolist's demand curve is typically inelastic, meaning that changes in price do not have a significant impact on the quantity demanded by consumers.
How does monopoly control the price of its product?
faces a demand curve that is inelastic throughout the range of market demand. faces a perfectly inelastic demand curve. is a price maker. is also able to dictate the quantity purchased
You want the characteristics of perfect inelastic demand curve?
A verticle demand curve, where a change in price does not effect quantity.
Show a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
See the related link. A perfectly inelastic demand would be a line straight up and down. That would show that demand is constant regardless of the price.
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.
Explain the difference between price elasticity of demand and the slope of a demand curve?
Price elasticity is a specific type of slope of the demand curve. A perfectly inelastic demand means that the quantity will not change with the price. This line is perfectly vertical. A perfectly elastic demand curve is horizontal and means that at any given quantity, there is only one price. Also, a slope gets steeper, demand becomes more inelastic.
How much control does an oligopoly have over price?
faces a demand curve that is inelastic throughout the range of market demand. faces a perfectly inelastic demand curve. is a price maker. is also able to dictate the quantity purchased
A demand curve which is parallel to the vertical axis is?
When the demand curve is horizontal to the x axis, it is said to be elastic and therefore more responsive to changes in price. When the demand curve is vertical, it is more inelastic and consumers will be more apt to purchase a good regardless of the price.
A perfectly price- inelastic demand curve is A horizontal b downward sloping c upward sloping d vertical?
A perfectly price-inelastic demand curve is vertical (Parallel to Y-axix) because the percentage change in quantity demanded is nil whatever the percentage change happens in price.
Why is the ordinary demand curve flatter than a compensated demand curve if the good is a normal good but the reverse is the case if the good is inferior?
because the ordinary demand curve ignores the income effect of price changes.also since the compensated demand curve is less inelastic than an ordinary demand curve.
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
