In the space provided in the graph above,draw a perfectly elastic demand curve D1,and a very elastic demand curve,D2.
Definitions:
Foreign Competition
The competitive pressure that domestic companies face from international firms in either domestic or global markets.
Macroeconomist
An economist who specializes in macroeconomics, the branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.
Normative Statement
Statements that express an opinion or a value judgment, often involving what ought to be rather than what is.
Normative Statement
A statement that expresses a value judgment about whether a situation is desirable or undesirable; it looks at the world as it "should" be.
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