Asked by
Francisco Azevedo
on Dec 05, 2024
Verified
If demand is perfectly inelastic,changes in price leave total revenue unchanged.
Perfectly Inelastic
A situation in which the demand for a good or service does not change regardless of a change in price.
Total Revenue
The overall amount of money generated from the sale of goods or services before deducting any expenses.
- Understand the implications of perfectly inelastic and perfectly elastic demand curves.
Verified Answer
MR
Learning Objectives
- Understand the implications of perfectly inelastic and perfectly elastic demand curves.