A perfectly inelastic demand curve or supply curve means... Group of answer choices There is an infinite change in quantity demanded or supplied in response to a change in price. Correct Answer There is no change in quantity demanded or supplied in response to a change in price If the price of one good changes by 1% the % change in quantity demanded will be greater than 1%. There is a 1% change in quantity demanded in response to a 1% change in price.
A perfectly inelastic demand curve or supply curve means... Group of answer choices There is an infinite change in quantity demanded or supplied in response to a change in price. Correct Answer There is no change in quantity demanded or supplied in response to a change in price If the price of one good changes by 1% the % change in quantity demanded will be greater than 1%. There is a 1% change in quantity demanded in response to a 1% change in price.
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 5TY
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Question
A perfectly
Group of answer choices
There is an infinite change in quantity demanded or supplied in response to a change in
Correct Answer There is no change in quantity demanded or supplied in response to a change in price
If the price of one good changes by 1% the % change in quantity demanded will be greater than 1%.
There is a 1% change in quantity demanded in response to a 1% change in price.
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