In which of these instances is demand said to be perfectly inelastic?
A) An increase in price of 2% causes a decrease in quantity demanded of 2%.
B) A decrease in price of 2% causes an increase in quantity demanded of 0%.
C) A decrease in price of 2% causes a decrease in total revenue of 0%.
D) The demand curve is horizontal.
Correct Answer:
Verified
Q112: In the case of perfectly inelastic demand,
A)the
Q114: When demand is perfectly inelastic,the demand curve
Q123: A perfectly inelastic demand implies that buyers
A)decrease
Q142: When demand is inelastic,an increase in price
Q169: Suppose that 500 candy bars are demanded
Q206: For a vertical demand curve,
A) slope is
Q208: Suppose that when the price of beer
Q211: Alice says that she would buy one
Q214: When the price of good A is
Q215: Barb's Bakery earned $200 in total revenue
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents