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A perfectly elastic demand implies that

a. buyers will not respond to any change in price.

b. any rise in price above that represented by the demand curve will result in no output demanded.

c. price and quantity demanded respond proportionally.

d. the price will rise by an infinite amount when there is a change in quantity demanded.

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
26 Jan 2021

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Related questions

1. In each case below, what is the value of the price elasticity of demand? Is demand perfectly inelastic, inelastic, unit elastic, elastic or perfectly elastic?

a. Price falls by 10%, quantity demanded rises by 8%

b. Price rises by 3%, quantity demanded falls by 3%

c. Price rises by 1%, quantity demanded falls by 5%

d. Price rises by 5%, quantity demanded collapses to zero

e. Price falls by 2%, quantity demanded does not change

68) The price of good A declines by 10 percent and quantity demanded does not change. This implies that the demand for good A is A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) elastic. E) inelastic.

A relatively steep demand curve indicates that

A) quantity demanded will adjust only slightly to a price change.

B) quantity demanded will adjust significantly to a price change.

C) quantity demanded will not adjust to a price change.

D) the change in quantity demanded will exactly equal a change in price.

 

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