On a single set of axes, draw a straight-line supply curve which is elastic, one that is inelastic, one that has unitary elasticity, one that has negative elasticity, one that has zero elasticity and one that has infinite elasticity.
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The demand curve with constant unitary elasticity is concave because at high prices, a one percent decrease in price results in more than a one percent increase in quantity. ... The constant unitary elasticity is a straight line because the curve slopes upward and both price and quantity are increasing proportionally.
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