If the market elasticity of demand for potatoes is -.3 in a perfectly competitive market, then the individual farmer's elasticity of demand will be infinite.
What are elasticity and examples?
Elasticity is the ability of an object or material to return to its normal shape after being stretched or compressed. For example: Rubber is elastic and will return to its original shape if stretched for a long time.
What are the 4 types of elasticity?
There are four main types of elasticity of demand: price elasticity of demand, cross elasticity of demand, income elasticity of demand, and advertising elasticity of demand.
How would you describe elasticity?
Elasticity is an economic concept used to measure the change in aggregate demand for a good or service relative to movements in the price of that good or service. A product is said to be elastic if the quantity demanded of the product changes disproportionately as the price of the product rises or falls.
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