For a given decrease in supply, the condition of demand that will result in no change in price is when demand is

Name: For a given decrease in supply, the condition of demand that will result in no change in price is when demand is
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Question

Quizplus · Accepted Answer

When demand is perfectly elastic, any decrease in supply will not change the price because consumers will only buy at a specific price, leading to a change in quantity demanded instead.

For a Given Decrease in Supply, the Condition of Demand