Question : If a commodity's demand remains constant despite a price increase, then its demand is:
Option 1: Highly Elastic
Option 2: Perfectly Elastic
Option 3: Perfectly Inelastic
Option 4: Less Elastic
Answer (1)
16th Jan, 2024
Correct Answer: Perfectly Inelastic
Solution :
When a price adjustment has no impact on the quantity required, the demand is said to be perfectly inelastic. The demand curve is vertical in this instance, and there is no demand elasticity.
Hence c is the correct answer.
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