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Is it true that the demand curve is elastic in this region?
Yes, the demand curve is elastic in this region.
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
Is it true that the demand curve is elastic in this region?
Yes, the demand curve is elastic in this region.
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 factors contribute to the shape of a unit elastic demand curve for a product?
The shape of a unit elastic demand curve for a product is influenced by factors such as the availability of substitutes, the necessity of the product, and the proportion of income spent on the product.
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.
