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 _________.
a. inelastic
b. elastic
c. unitary elasticity
d. income elasticity

Answer 1

Answer:

a. inelastic

Explanation:

As you can see in the image I added, the curve that is close to a vertical is the inelastic one. Inelastic means that the demand remains the same even if the prices go up or down.

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