Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected.
With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
difference between elastic and inelastic demand
elastic
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
marginal revenue is negative where demand is inelastic
Inelastic Demand & Elastic Demand
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
it is perfectly inelastic