When demand is perfectly inelastic, there is no change in quantity demanded after a change in price.
Answer the following statement true (T) or false (F)
True
Quantity demanded is not responsive to a price change when demand is perfectly inelastic.
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A demand schedule shows
A. the “market potential” for a product. B. how much consumers are willing and able to buy at different prices. C. possible combinations of output under different conditions. D. how much producers would like to sell at different prices. E. All of these responses are correct.
A decrease in the average price level leads to a decrease in the purchasing power of wealth
a. True b. False Indicate whether the statement is true or false
In general, the MRP _____ as output increases.
A. declines B. rises C. stays the same
What do economists mean by "per capita GDP"?
a. The value of a country's production at current market prices. b. The value of a country's production adjusted for inflation. c. The value of a country's production divided by the country's population. d. The value of all paid and unpaid work in the country.