Respuesta :
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 elastic.
What is a supply and demand curve?
An illustration of the link between a market's supply of a product and its demand for that commodity is a supply and demand curve. The graph's two lines show how the two factors' prices and demands are related to one another.
These graphs of the relationship between price and quantity in supply and demand are known as supply and demand curves. You plot price on the graph's y-axis. You plot the quantity on the x-axis. The law of supply, which states that quantity increases as prices rise, is illustrated visually by a supply curve. As a result, supply is often represented by an upward-sloping curve.
The relationship between price and demand can be represented graphically using the same set of axes. Demand falls when price rises due to this phenomenon. As a result, demand is generally represented by a downward-sloping curve.
To learn more about supply and demand curve, visit:
https://brainly.com/question/6075885
#SPJ4
