A perfectly elastic demand implies that Select one: a. price will rise by an infinite amount when there is a change in quantity demanded. b. quantity demanded and price change by the same percent as we move along the demand curve. c. any rise in price above that represented by the demand curve will result in a quantity demanded of zero. d. buyers will not respond to any change in price.

A perfectly elastic demand implies that Select one: a. price will rise by an infinite amount when there is a change in quantity demanded. b. quantity demanded and price change by the same percent as we move along the demand curve. c. any rise in price above that represented by the demand curve will result in a quantity demanded of zero. d. buyers will not respond to any change in price.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4PA: A price change causes the quantity demanded of a good to decrease by 30 percent, while the total...

See similar textbooks