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प्रश्न
Identify and explain the following concept.
Ramesh's demand for salt remained unchanged lnspite of a 10% rise in its price.
टिप्पणी लिखिए
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उत्तर
Concept: Perfectly Inelastic demand.
Explanation:
- Perfectly inelastic demand (Ed = 0) occurs when a percentage price adjustment has no impact on the quantity demanded of a good.
- A 10% price increase will therefore have no impact on the quantity needed.
- In reality, such an occurrence is uncommon. An illustration. milk and salt are in demand.
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