Asked by Samantha Alvarez on Jun 24, 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 market condition where the quantity demanded does not change as the price changes.
- Acquire knowledge on the theories of perfectly elastic and perfectly inelastic demand.
Verified Answer
SS
Shivani SrivastavaJun 29, 2024
Final Answer :
A
Explanation :
Perfectly inelastic demand means that the quantity demanded does not change at all in response to a change in price. This is represented by a vertical demand curve because no matter what the price is, the quantity demanded remains the same.
Learning Objectives
- Acquire knowledge on the theories of perfectly elastic and perfectly inelastic demand.
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