Asked by
Adriana Zamora
on Dec 08, 2024
Verified
Demand determines ________ entirely when ________ is perfectly inelastic.
A) quantity; supply
B) price and quantity; supply
C) price; supply
D) price and quantity; demand
Perfectly Inelastic
Perfectly inelastic describes a market scenario where the quantity demanded or supplied does not change regardless of price fluctuations.
Supply
The total amount of a certain good or service that is available for purchase at a particular price level and time.
- Grasp the concept and implications of perfectly inelastic and perfectly elastic demand.
Verified Answer
XZ
Learning Objectives
- Grasp the concept and implications of perfectly inelastic and perfectly elastic demand.