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

Question

Quizplus · Accepted Answer

When a demand or supply curve is close to vertical, it is referred to as inelastic. This means that the quantity demanded or supplied changes very little in response to changes in price.

When Economists Are Sketching Examples of Demand and Supply, It