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Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
What is the shape and behavior of the supply curve for a perfectly competitive firm in the short run?
The supply curve for a perfectly competitive firm in the short run is typically upward sloping and relatively elastic. This means that as the price of the good or service increases, the firm is willing and able to produce more of it. However, the firm's ability to adjust its output is limited by its fixed inputs in the short run.
Why does the supply of a good tend to be more elastic if certain conditions are met?
The supply of a good tends to be more elastic if certain conditions are met because producers can easily increase or decrease production in response to changes in price or demand. This flexibility allows them to adjust their supply more readily, making it more elastic.
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
What is the shape and behavior of the supply curve for a perfectly competitive firm in the short run?
The supply curve for a perfectly competitive firm in the short run is typically upward sloping and relatively elastic. This means that as the price of the good or service increases, the firm is willing and able to produce more of it. However, the firm's ability to adjust its output is limited by its fixed inputs in the short run.
Why does the supply of a good tend to be more elastic if certain conditions are met?
The supply of a good tends to be more elastic if certain conditions are met because producers can easily increase or decrease production in response to changes in price or demand. This flexibility allows them to adjust their supply more readily, making it more elastic.
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
Is The supply curve more or less elastic in the long run than the short run?
more
Does supply curves tend to be more elastic in the long run or inelastic?
yes
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
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 product is more likely to have the MOST elastic demand curve?
Household electricity
