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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.
Oligopoly can be characterized as follows: Small Number of Sellers: There are more than one sellers of a product though; the number isn't so huge in order to produce perfect
In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
ARGUMENTS FOR MONOPOLIES Although monopolies are usually hated mainly because their practice of consumer exploitation, there are some aspects of monopolies which are favourabl
p=10, TC= 1000+2Q+.01Q^2, Q=?
with the of evidence comprehensively discuss the market structure in the south African mobile telecommunications industry
why demand curve slopes down
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a) A change in demand means that: b) On the production-possibilities drawing, unemployment is represented by:
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