Question

When economists are sketching examples of demand and supply, it is common to sketch a demand or supply curve that is close to vertical, and then to refer to that curve as _________.

Answer 1

Answer:

Inelastic

Explanation:

Inelastic is defined as the way in which price of goods and service remain the same or unchanged when their is high price or low price of goods and service in the market. The customers demands and supply for the goods remain unchanged whether there is increasing in price or the price is lower in the market in as far as their is availability of the goods and Service in the market

Answer 2

Answer:

inelastic

Explanation:

In economics elasticity means change in quantity when prices get change. So vertical curve means there will be no change in quantity demanded or supplied when prices get change. There are some commodities whose demand and supply curve can be vertical like medicines , drinking water because  it necessity and change in prices would not effect its demand ans supply.