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Price Elasticity of Demand on a Graph definitions

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  • Perfectly Elastic Demand
    A horizontal line on a graph where any quantity is bought at one price, but none at any other price; seen in perfectly competitive markets.
  • Perfectly Inelastic Demand
    A vertical line on a graph where quantity demanded remains unchanged regardless of price; typical for essential goods.
  • Elastic Demand
    A shallow demand curve where small price changes cause large shifts in quantity demanded; common for goods with substitutes.
  • Inelastic Demand
    A steep demand curve where even large price changes result in minimal changes in quantity demanded; seen with necessities.
  • Unit Elastic Demand
    A curve where percentage changes in price and quantity demanded are equal, often illustrated by proportional sales responses.
  • Demand Curve
    A graphical representation showing the relationship between price and quantity demanded, varying in steepness based on elasticity.
  • Quantity Demanded
    The amount of a good consumers are willing to buy at a specific price, responsive to price changes depending on elasticity.
  • Price Elasticity
    A measure of how much quantity demanded responds to price changes, ranging from zero to infinity.
  • Perfect Competition
    A market structure where identical products are sold and individual sellers have no power to set prices above the market rate.
  • Substitute Goods
    Products that can replace each other in consumption, causing demand to shift when relative prices change.
  • Necessities
    Goods for which demand remains stable even when prices rise, often resulting in inelastic demand curves.
  • Horizontal Line
    A graphical feature indicating infinite elasticity, where price remains constant regardless of quantity.
  • Vertical Line
    A graphical feature indicating zero elasticity, where quantity remains constant regardless of price.
  • Slope
    The steepness of the demand curve, which visually indicates the degree of elasticity at different points.
  • Market Behavior
    Patterns of consumer response to price changes, illustrated by the shape and position of the demand curve.