Asked by
Rhoda Youngster
on Nov 04, 2024
Verified
A perfectly price inelastic demand curve will be a ________ line.
A) horizontal
B) vertical
C) positively sloped
D) negatively sloped
Perfectly Price Inelastic
A situation in demand where the quantity demanded does not change regardless of changes in the price of a product or service.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy.
- Absorb the essentials and consequences of perfectly inelastic and perfectly elastic demand.
Verified Answer
KM
Learning Objectives
- Absorb the essentials and consequences of perfectly inelastic and perfectly elastic demand.