In the inelastic portion of a linear demand curve, firm revenue ______ when price falls.

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08-09-2022
Business

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In the inelastic portion of a linear demand curve, firm revenue ______ when price falls.

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aryanagarwal466 aryanagarwal466 · Answer 1 · 2022-09-11T12:32:44+02:00

In the inelastic portion of a linear demand curve, firm revenue increases when price falls.

The demand curve depicts the relationship between the price of a good or service and the quantity demanded over a given time period. A typical representation will show the price on the left vertical axis and the quantity demanded on the horizontal axis. The demand curve will move downward from left to right, expressing the law of demand: as the price of a given commodity rises, so does the quantity demanded, all else being equal.

Demand curves are used to forecast behavior in competitive markets and are frequently combined with supply curves to determine the equilibrium price (the price at which sellers and buyers are willing to sell the same amount as buyers and sellers are willing to buy, also known as market clearing price) and the equilibrium quantity (the amount of that good or service that will be produced and bought without surplus/excess supply or shortage/excess demand) of that market.

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