Perfectly inelastic demand means:
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Correct Answer: Option A
Explanation:
Perfectly inelastic demand occurs when changes in price do not affect quantity demanded in any way. Consumers continue buying the same quantity regardless of price changes. Essential life-saving drugs are often used as examples because people may still buy them despite higher prices.
Perfectly inelastic demand occurs when changes in price do not affect quantity demanded in any way. Consumers continue buying the same quantity regardless of price changes. Essential life-saving drugs are often used as examples because people may still buy them despite higher prices.