FIGURE 3-6
-Refer to Figure 3-6. If the initial demand and supply curves are D1 and S1, equilibrium price and quantity are represented by point
Definitions:
Constant Slope
A line on a graph that has the same steepness throughout, indicating a uniform rate of change.
Price Elasticity
Price elasticity measures how the quantity demanded or supplied of a good changes in response to a change in its price.
Linear Demand
A type of demand relationship where changes in price lead to direct, proportional changes in quantity demanded.
Price Elastic
An assessment of the influence that price changes have on the consumer's purchasing volume of a good.
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