If the quantity demanded of a product drops to zero with an increase in its price,...
If the quantity demanded of a product drops to zero with an increase in its price, then the demand for that product is said to be _____.
a. inelastic
b. unit elastic
c. perfectly elastic
d. perfectly inelastic
Homework Answers
Option C is correct
demand is said to be perfectly elastic when the demand curve is horizontal which means it is fixed for a particular price. As soon as the price is increased, there is no quantity demanded. And if the price is maintained at its fixed level, infinite units of the product will be demanded. It will be perfectly inelastic when the quantity does not change at all. It will be relatively inelastic when the quantity changes but by a lower proportion. it will be unitary elastic when the percentage change in the price and the percentage change in the quantity are both equal.
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If the quantity demanded of a product drops to zero with an
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