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When Is Demand Perfectly Elastic? When Is Demand Perfectly Inelastic

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When is demand perfectly elastic? When is demand perfectly inelastic? What are the values of the price elasticity of demand when demand is perfectly elastic or perfectly inelastic? What do perfectly elastic and perfectly inelastic demand curves look like?


Definitions:

Research Method

A systematic plan, procedure, or strategy used to investigate, acquire, or analyze information on a subject.

Field Research

The collection of data outside a laboratory, office, or classroom setting, often in its natural context or place of occurrence.

Experiments

Systematic procedures carried out under controlled conditions to discover, test, or demonstrate a fact or principle.

Unbiased

Characterized by a lack of prejudice or partiality; impartial in perspective or opinion.

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