The ratio of the percentage change in quantity demanded to the percentage change in price; measures the responsiveness of quantity demanded to changes in price.

Large No of firms with homogeneous products is a feature of

A single producer, without close substitute is a feature of

Many firms with real or perceived product differentiation is a feature of

Few firms with little or no product differentiation is a feature of

Manufacturing: tea, toothpastes, soaps, TV sets, shoes, refrigerators etc is the nature of product prevalent in which industry

Kinked demand curve is associated with

Long run cost curve is also called envelope curve