Asked by Amanda Sammons on Jul 17, 2024
Verified
When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is
A) perfectly inelastic.
B) elastic.
C) inelastic.
D) unitary elastic.
Perfectly Inelastic
This describes a situation in economics where the demand or supply for a good is completely unresponsive to changes in price.
Fresh Fish
Refers to fish that have been recently caught and have not been frozen or preserved, ensuring maximum freshness and quality.
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.
- Apprehend the idea and outcomes of perfectly inelastic and perfectly elastic demand.
Verified Answer
Learning Objectives
- Apprehend the idea and outcomes of perfectly inelastic and perfectly elastic demand.
Related questions
An Increase in Quantity Demanded Caused No Change in the ...
Perfectly Elastic Demand Has an Elasticity Value of Zero
The Price Elasticity of Demand for Heart Transplants Is Perfectly ...
A ________ Line Is a Perfectly Price Elastic Demand Curve ...
When the Price of Oysters Decreases 25%, Quantity Demanded Is ...