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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.
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
Theory of consumer behavior
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Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
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