When I was studying Intermediate Microeconomics recently, I found this statement: "For markets with inelastic demand and supply curves, most movements will be in prices, not quantity. For markets with elastic demand and supply curves, most movements will be in quantity, not price." Discuss whether this statement is true, false, or uncertain use Intermediate Microeconomic way. Please help me solve my doubts.
When I was studying Intermediate Microeconomics recently, I found this statement: "For markets with inelastic demand and supply curves, most movements will be in prices, not quantity. For markets with elastic demand and supply curves, most movements will be in quantity, not price." Discuss whether this statement is true, false, or uncertain use Intermediate Microeconomic way. Please help me solve my doubts.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:When I was studying Intermediate Microeconomics
recently, I found this statement: "For markets with
inelastic demand and supply curves, most movements
will be in prices, not quantity. For markets with elastic
demand and supply curves, most movements will be in
quantity, not price." Discuss whether this statement is
true, false, or uncertain use Intermediate
Microeconomic way. Please help me solve my doubts.
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