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DEMAND DECREASE: A decrease in the willingness and ability of buyers to buy a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand results in a decrease in equilibrium quantity and a decrease in equilibrium price.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 18 of 25

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

  • A large section of the elasticity continuum is comprise of relatively elastic:

    Relatively elastic is an elasticity alternative in which relatively small changes in one variable (price) cause relatively large changes in another variable (quantity).

  • Once again, this range holds 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.

  • Relatively elastic demand and supply are represented by relatively flat, but not perfectly horizontal, demand and supply curves.

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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for attractive cable television service repair people.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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