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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Will demand curves have the same exact shape in all markets? If not, how will they differ?

To determine

Show the different shapes of demand curves in different markets.

Explanation

Generally, the demand curve slopes downward. But in some markets the shape of demand curve is different.

In perfectly competitive market, the number of buyers and sellers is so large that each one is so small to influence the price and quantity level in the market.

The product is homogenous in nature. In this case, the market demand curve is horizontal in shape, parallel to x-axis.

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