the demand curve for a monopoly is: a horizontal because no one can enter. b the sum of the supply curves of all the firms in the monopoly's industry. c the industry demand curve. d perfectly elastic. e price-inelastic due to many available substitute products.

price- inelastic is negative except in special cases.However, it nearly always means that the good has a pliantness of −2 according to the formal description, If a good is said to have a pliantness of 2. The expression" further elastic" means that a good's pliantness has lesser magnitude, ignoring the sign.

Veblen and Giffen goods are two classes of goods which have positive pliantness, rare exceptions to the law of demand. Demand for a good is said to be inelastic when the pliantness is lower than one in absolute value that is, changes in price have a fairly small effect on the volume demanded. Demand for a good is said to be elastic when the pliantness is lesser than one. A good with an pliantness of −2 has elastic demand because volume falls doubly as important as the price increase; an pliantness of−0.5 has inelastic demand because the volume response is half the price increase.

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