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Question
If there is no change in demand for commodity ‘X’, even after rise in its price, then its demand is ______.
Options
Perfectly Elastic
Perfectly Inelastic
Less Elastic
Highly Elastic
MCQ
Fill in the Blanks
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Solution
If there is no change in demand for commodity ‘X’, even after rise in its price, then its demand is Perfectly Inelastic.
Explanation:
Perfectly inelastic demand means quantity demanded does not change when price changes. Perfectly elastic demand responds infinitely to even a small price change; less and highly elastic demand both involve a change in quantity.
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