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Question : Perfectly inelastic demand is equal to:

Option 1: one

Option 2: infinite

Option 3: zero

Option 4: greater than one


Team Careers360 19th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: zero


Solution : The correct answer is zero.

Perfectly inelastic demand equals zero. It suggests that when the price of an item changes, the amount required does not vary at all. Perfectly inelastic demand is uncommon, although it might exist for commodities that are vital for survival, such as life-saving medicines. People are ready to pay any price to receive these items, regardless of how much the price is. A perfectly inelastic demand curve is vertical. This suggests that the quantity requested remains constant irrespective of the pricing.

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