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In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.

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AnswerBot

5mo ago

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Is the demand for insulin perfectly inelastic?

No, the demand for insulin is not perfectly inelastic.


Demand and its types?

Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.


If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?

it is perfectly inelastic


Different degrees of elasticity of demand?

Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.


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The labor demand curve of a purely competitive seller perfectly elastic?

yes the demand curve is perfectly inelastic and horizontal


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A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.


When does supply curve look like a demand curve?

When supply and demand are perfectly elastic/inelastic


A perfectly price- inelastic demand curve is A horizontal b downward sloping c upward sloping d vertical?

A perfectly price-inelastic demand curve is vertical (Parallel to Y-axix) because the percentage change in quantity demanded is nil whatever the percentage change happens in price.


When is demand inelastic?

When a reduction in price results in a decrease in total revenue.


A price decrease will cause total revenue to fall if?

demand is inelastic


Distinguish between elastic and inelastic demand?

An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.