Assertion: monopolist's demand curve | /r/HasProperty | inelastic
Facets:
value: in the long-run
type: TEMPORAL
value: relatively
type: DEGREE
value: perfectly
type: DEGREE
value: in more elastic
type: OTHER
value: highly
type: DEGREE
Source sentences:
text: For example, the market demand curve may be highly inelastic in the short-run but much more elastic in the long-run.
text: In comparison to other types of market, the monopolist’s demand curve is likely to be relatively inelastic as close substitutes may not be available if price is raised.
text: However, Hicks analyzed the situation through indifference curves and noted that when the Marshallian demand curve is perfectly inelastic, the policy or economic situation that caused a distortion in relative prices has a substitution effect, i.e. is a deadweight loss.
text: In comparison to other types of market, the monopolist’s demand curve is likely to be relatively inelastic as close substitutes may not be available if price is raised