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When supply is perfectly elastic,the supply curve is
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.
Demand Curve
is a graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downsloping to indicate that lower prices increase demand.
Competitive Firm
A company that operates in a market with many competitors, facing a highly elastic demand curve for its product because many substitutes are available.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply in the market.
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