Asked by
Kalynn Haley
on Nov 04, 2024
Verified
A perfectly price elastic demand curve will be a ________ line.
A) horizontal
B) vertical
C) positively sloped
D) negatively sloped
Perfectly Price Elastic
A market scenario where the demand for a product is extremely sensitive to changes in price, meaning consumers will stop buying the product if the price increases even slightly.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded by consumers at various prices.
- Get acquainted with the concept and repercussions of perfectly inelastic and perfectly elastic demand.
Verified Answer
GM
Learning Objectives
- Get acquainted with the concept and repercussions of perfectly inelastic and perfectly elastic demand.