Answer to Question #226580 in Economics for Shar

Question #226580

If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?


1
Expert's answer
2021-08-16T08:56:28-0400

If supply is inelastic, then changes in demand will have a greater impact on the equilibrium price than on the equilibrium quantity, since the volumes of demand are weak react to price changes.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
APPROVED BY CLIENTS