Demand can be perfectly elastic, relatively elastic, perfectly inelastic, unitary, or relatively inelastic. In most cases, perfectly elastic demand is more responsive to price changes.Answer and Explanation: Become a Study.com member to unlock this answer! Create yo...
What does inelastic demand imply? How do you derive the market demand curve? Define aggregate demand. What are its main components? The market for labor is determined by the supply and demand for labor. What does it mean to move along the supply or demand curves? ...
What does inelastic demand imply? What is a demand function? Describe aggregate demand and marginal willingness to pay for private goods. Does aggregate demand always equal to aggregate supply? If not, when does it not? What exactly is meant by the terms demand and supply? How do they relate...