A Demand Curve That Is Horizontal and in Which a Zero

question 31

Multiple Choice

A demand curve that is horizontal and in which a zero quantity will be sold at any price above a given price p while, at price p, any quantity can be sold is called a(n)

• A) unitary elastic demand curve
• B) perfectly elastic demand curve
• C) perfectly inelastic demand curve

Differentiate between short-run and long-run elasticity of supply.

Identify factors that influence the elasticity of demand and supply.

Analyze the effects of market conditions on elasticity.

Understand how taxes influence supply and demand.

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