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Chapter 5: Q.14 (page 130)

Describe the general appearance of a demand or a supply curve with infinite elasticity.

Short Answer

Expert verified

At a given price, there is an endless amount of quantity demanded or provided.

Step by step solution

01

Step: Definition

Demand and supply curve:

While demand is concerned with the desire of the consumer to make a profit, supply is concerned with the desire of the supplier to make a profit. A supply schedule depicts the quantity of product that a supplier is willing and able to offer the market at particular price points over a specified time period.

02

Step 2; Explanation

If a demand or supply curve has infinite elasticity, it means it is perfectly elastic. As a result, the quantity supplied or sought reacts quickly to price changes. A curve like this is horizontal and parallel to the x axis.

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