Relatively Inelastic Supply Curve
Understand that the key characteristic of oligopoly is interdependence apply game theory to examples and accurately draw the kinked demand curve.
Relatively inelastic supply curve. Like many economic concepts relatively inelastic demand and supply are better understood with graphs. The blank graph presented here is poised and eager to display a. Inelastic is a term used to describe the unchanging quantity of a good or service when its price changes. The relationship of price and supply curve.
The curve is generally positively sloped. The curve depicts the relationship between two variables only. There are alternative viewpoints however that question just how efficient and natural the market mechanism is. They argue that actual markets in any society is.
Definition of law of supply. There is direct relationship between the price of a commodity and its quantity offered fore sale over a specified period. Price elasticity of demand ped is a key concept and indicates the relationship between price and quantity demanded by consumers in a given time period.
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