When change in price has no impact on demand,the situation is referred to as ____.
A) price elastic
B) perfectly inelastic
C) perfectly elastic
D) relatively inelastic

Question

Quizplus · Accepted Answer

When the change in price has no impact on demand, it means that the demand is completely unresponsive to the change in price, which is known as perfectly inelastic demand. This occurs when the quantity demanded remains the same regardless of changes in prices.

When Change in Price Has No Impact on Demand,the Situation