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Topic: Miscellaneous
Number of pages / Number of words: 5 / 1167
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And finally in the extreme case of a perfectly inelastic (vertical) supply curve, an increase in demand causes no change in quantity sold; the price simply rises.

Q.3

Price elasticity of demand measures changes in the quantity demanded when prices change. Some goods are very elastic and others are very inelastic...


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And finally in the extreme case of a perfectly inelastic (vertical) supply curve, an increase in demand causes no change in quantity sold; the price simply rises.

Q.3

Price elasticity of demand measures changes in the quantity demanded when prices change. Some goods are very elastic and others are very inelastic...


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