question archive When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply curve as?
When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply curve as?
Subject:EconomicsPrice:2.88 Bought3
When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply curve as?
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The answer is: elastic.
When the supply or the demand curve is drawn close to horizontal, it means that the supply curve or the demand curve is elastic. That is, a change in the price of the product causes a change in the quantity supplied or quantity demanded by more than the proportionate change in the price of the product.
