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LoginMarket supply of a product is prefectly elastic.Suppoe its demand increases .Explain the likely effect on the price and output of a product.
Class 12 Economics in Class 12 3 years ago
(iii)In the given diagram price is measured on vertical axis and quantity DEMANDED and supplied is measured on horizontal axis.Initially,the equilibrium price is OP and equilibrium quantity is OQ.But when "Supply BECOMES perfectly elastic and demand increases then,
(a)Equalibrium price remains constant at OP, and
(b)Equilibrium quantity rises OQ to `OQ_(1)`
Posted on 11 Dec 2021, this text provides information on Class 12 related to Economics in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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