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 ____________.
Description of a curve elastic.: The curve believed by the longitudinal axis of an initially normal elastic strip or bar bent to any structure of elements within its elastic limits.
Elasticity relates to the level of sales or market sensitivity in response to price changes.
If a curve becomes more elastic than small price shifts can cause large volume changes consumption.
At the poles, horizontal will be a beautifully elastic curve, while vertical will be a completely inelastic curve.
