JohnB: economics …………………………………………………………………………………?
when demand is perfectly inelastic, there is no change in quanity demanded following a change in price. TRUE OR FALSE
Answers and Views:
Answer by Elle
true. but nothing is really perfectly inelastic nowadays 🙂
TrueAnswer by Anjaree
It’s true for individual demand curve. It’s because there are a lot of small buyers and salers in this market. But the market demand is not perfectly inelastic.Answer by Sid
True.In general term of economics if the PED is equal to zero, the good is perfectly inelastic. A change in price will have no influence on quantity demanded. People will b ready to pay any price to obtain such products and this situation can be seen in drugs when consumers are ready to pay every price to save the life. you can get complete details from this link. https://www.investopedia.com/terms/e/inelastic.asp
hope for the best 🙂
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