When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply curve as _______.
A) elastic
B) inelastic
C) having zero elasticity
D) price inelasticity

Question

Quizplus · Accepted Answer

When a demand or supply curve is close to horizontal, it means that a small change in price leads to a large change in the quantity demanded or supplied, which is referred to as being elastic.

When Economists Are Sketching Examples of a Demand or Supply