An inelastic demand is demand for a product that does not fluctuate on the basis of price and supply. Unlike most other types...
For certain products, however, demand is inelastic. Inelastic demand refers to those products in which people want the item so much, they will pay any price for it. As such, demand is not affected by price and demand does not go down. The supply and demand curve has a slope of zero a...
Define the price elasticity of demand. Why is this concept important in economics? What is elasticity of demand and what are their aims and objectives? A product with an inelastic demand means what? A) What would it mean if the elasticity of demand for a good was zero? B) Explain whether...
The point of equilibrium or the market equilibrium point is defined as the point where demand is equal to supply. In relation to the demand and... See full answer below.Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question ...
Why is a firm's demand for labor curve more inelastic when the firm has monopoly power in the output market than when the firm is producing competitively? 点击查看答案 第3题 买方垄断的无谓损失的名词解释是什么? 点击查看答案 第4题 根据关税的有关规定,下列说法中,正确的有()。 A.进口货物的...
It is the situation wherein demand is assessed in terms of price elasticity. It is expressed as the product of the overall price and the quantity in demand. If the prices are high, it will result in inelastic demand, resulting in more revenue. Conversely, demand is elastic when the prices...
Price elasticity is how a change in a product’s price changes the supply or demand for that product. A product may be either price elastic (meaning price changes have a major impact on supply or demand) or price inelastic (meaning price changes have minimal effect on supply or demand). ...
What Is Relationship Pricing? What Factors Determine the Price of Uranium? What is an Inelastic Demand? What is a Flat Price? What is a Shadow Price? What is Market Demand? Discussion Comments ByMoldova— On Aug 05, 2010 Mutsy- I wanted to say that the same relationship can be found bet...
Thedemand curvefor a perfectly inelastic good is depicted as a vertical line in graphical presentations because the quantity demanded is the same at any price. Supply could be perfectly inelastic in the case of a unique good such as a work of art. No matter how much consumers are willing to...
A demand curve represents the relationship between the price of a good or service and the quantity demanded for a given period of time. Typically, as the price rises, the demand falls; as a result, the curve slopes down from left to right. A supply curve is a graphic representation of ...