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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 17 of 25

Topic: Perfectly Elastic <=PAGE BACK | PAGE NEXT=>

  • At one end of the elasticity continuum is perfectly elastic:

  • Perfectly elastic is an elasticity alternative in which infinitesimally small changes in one variable (price) cause infinitely large changes in another variable (quantity).
  • This works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

  • Perfectly elastic demand and supply are represented by horizontal demand and supply curves.

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ADVERSE SELECTION

An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for high interest rates.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

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