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Sagot :
Suppose a single firm supplies all the ceramic windlasses in the united states. The demand curve that the firm faces is Inelastic (elasticity>1), negative slop and steeper.
The condition given in the above question is an example of monopolistic market as there is only a single firm that supplies the commodity. In this case the firm is equal to the industry. As the product is unique and don't have other substitute, its demand will not be affected by the change in the price and hence the demand curve will be inelastic and steeper with a negative slope.
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