Multiple Choice
If demand is perfectly inelastic, then
A) the own price elasticity of demand is infinite in absolute value.
B) a small increase in price will lead to a situation where none of the good is purchased.
C) the demand curve is vertical.
D) neither will the demand curve be vertical, the own-price elasticity of demand be infinite in absolute value nor a small price increase lead to none of the good being purchased.
Correct Answer:
Verified
Correct Answer:
Verified
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