A perfectly inelastic demand curve is a horizontal straight line. a. True. b. False. If supply were perfectly inelastic, the supply curve would be a vertical straight line. a. True. b. False. When demand is perfectly inelastic with respect to price, the demand curve is horiz...
The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony. True or False: The demand curve facing a monopolistically competitive firm is elastic. The goal of the firm's owner i...
realized that gas price changes areinelastic.Inelasticdemand is “when percent change in quantity demanded is less than percent change in price‚ so price elasticity is less than 1 in absolute value” (Hubbard & O’Brien‚ 2015b). This means that when a price of a product chang...
Learn more about this topic: Economic Surplus Definition & Graph from Chapter 10 / Lesson 13 22K In this lesson, learn what surplus is in economics. Understand how economic surplus arises and understand the two types of surplus: consu...