Asked by
nichakul jiangpaisankul
on Dec 11, 2024
Verified
A perfectly inelastic demand curve indicates that
A) a producer can sell as many units as desired at the market price but no units above the market price.
B) for a given percent change in price, the quantity demanded rises by the same percentage.
C) price has no effect on the quantity demanded.
D) the percent change in price is less than the percent change in quantity demanded.
Perfectly Inelastic
Describing a situation where demand or supply does not change in response to changes in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price.
- Recognize the influence of pricing adjustments on consumer demand levels.
Verified Answer
SA
Learning Objectives
- Recognize the influence of pricing adjustments on consumer demand levels.