Asked by
SketBloopnorgg burek
on Dec 11, 2024Verified
If a demand curve for a good were completely vertical, it would be considered
A) perfectly elastic.
B) perfectly inelastic.
C) of unitary elasticity.
D) relatively inelastic.
Perfectly Inelastic
A situation where the demand or supply for a good does not change in response to changes in price.
Demand Curve
A graph that shows the relationship between the quantity of a good demanded and its price.
Completely Vertical
In economics, this can refer to a supply curve that is perfectly vertical, indicating that the quantity supplied is completely unresponsive to changes in price.
- Discriminate between the concepts of elastic, inelastic, and unitary elasticity pertaining to demand.
Verified Answer
JP
Learning Objectives
- Discriminate between the concepts of elastic, inelastic, and unitary elasticity pertaining to demand.