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Globalisation

If there is n...

Question

If there is no change in the demand, in spite of the change in the price, the demand will be _______.

A

elastic

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B

inelastic

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C

perfectly elastic

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D

perfectly inelastic

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Solution

The correct option is D perfectly inelastic
Perfectly inelastic demand or supply is an economic condition in which a change in the price of a product or a service has no impact on the quantity demanded or supplied because the elasticity of demand or supply is equal to zero.

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