Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a [...] or a [...]
Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a [...] or a [...]
Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a [...] or a [...]
Answer
slightly higher price
slightly lower price.
If you want to change selection, open original toplevel document below and click on "Move attachment"
Parent (intermediate) annotation
Open it Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a slightly higher price or a slightly lower price.
Original toplevel document
4.1. Own-Price Elasticity of Demand points: vertical demand curves and horizontal demand curves. Consider a vertical demand curve, as in Exhibit 21 Panel A, and a horizontal demand curve, as in Panel B. In the first case, the quantity demanded is the same, regardless of price. <span>Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a slightly higher price or a slightly lower price. Perhaps an individual’s demand for, say, mustard might obey this description. Obviously, in that price range, quantity demanded is not at all sensitive to price and we would say that de
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
Discussion
Do you want to join discussion? Click here to log in or create user.