Asked by
Young Picasso
on Oct 12, 2024
Verified
If the demand for table salt were perfectly inelastic at all prices,a decrease in supply would
A) increase the price and decrease the quantity demanded.
B) increase the price while not affecting the quantity demanded.
C) reduce the quantity demanded to zero no matter what the initial price.
D) have no effect on either price or quantity demanded.
Perfectly Inelastic
A situation in demand or supply in which the quantity demanded or supplied does not change regardless of 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.
- Identify the distinctions between perfectly elastic and perfectly inelastic demand curves.
Verified Answer
DN
Learning Objectives
- Identify the distinctions between perfectly elastic and perfectly inelastic demand curves.