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Perfectly Elastic Supply
Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diagram for the sake of clarity.
If the supply is perfectly elastic, the supply curve is a horizontal straight line and the elasticity of supply is equal to infinity.
When demand increases from quantity supplied increases but price stays fixed . Conversely, if demand falls, quantity supplied falls but price stays fixed.
This is the case of Government price control.
Mankiw Model of Nominal Rigidities There are two related reasons for which firms do not frequently change prices. First, as we saw in the discussion on menu costs, the cost
Classification of oligipoly
Problem 1: You are the manager of a reputed five star hotel in Mauritius and you have been asked by the director of the hotel to advise on possible pricing strategies to increa
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