Asked by Ashley Combs on Jul 27, 2024
Verified
Perfectly elastic demand is represented as a horizontal line.
Perfectly Elastic
Describing a situation where the quantity demanded or supplied responds infinitely or by an unlimited amount to a change in price.
Horizontal Line
A straight line on a graph that runs parallel to the x-axis, indicating a constant value.
- Identify the differences between perfectly inelastic demand and perfectly elastic demand.
Verified Answer
PT
phakamani tshabanguJul 28, 2024
Final Answer :
True
Explanation :
In economics, perfectly elastic demand is represented by a horizontal line on a graph, indicating that consumers are willing to purchase any quantity of the good at a specific price, but no quantity at a price higher than that.
Learning Objectives
- Identify the differences between perfectly inelastic demand and perfectly elastic demand.
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