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The price elasticty coefficient is fractional.
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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
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
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 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
How does the elasticity of the monopolistic competitor's demand curve compare to that of a pure competitor or a pure monopolist?
A monopolistic competitor's demand curve is less elastic than apure competitor's which is less elastic than a pure monopolist's.
What product is more likely to have the MOST elastic demand curve?
Household electricity
Would a monopolist ever operate in the in elastic portion of demand curve?
yes
Where is total revenue maximized along a linear demand curve?
Unit elastic
