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Question
What is meant by perfectly inelastic demand?
What is meant by perfectly inelastic demand?
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Solution
Perfectly inelastic demand 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
Perfectly inelastic demand 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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