Asked by Carmen LeMaster on Jun 11, 2024
Verified
If quantity demanded is completely unresponsive to price changes, demand is
A) perfectly inelastic.
B) perfectly elastic.
C) relatively inelastic.
D) relatively elastic.
Perfectly Inelastic
A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.
Quantity Demanded
The specific amount of a good or service consumers are willing to purchase at a given price.
Price Changes
Variations in the cost of goods and services over time in the market.
- Clarify the differences among elastic, unit-elastic, and inelastic demand types.
Verified Answer
HJ
Hobo jo Hobo tomJun 15, 2024
Final Answer :
A
Explanation :
Perfectly inelastic demand means that the quantity demanded does not change at all in response to price changes, which matches the description given.
Learning Objectives
- Clarify the differences among elastic, unit-elastic, and inelastic demand types.
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