Examlex
Which of the following statements is incorrect about fixtures?
Perfectly Inelastic Demand Curve
A perfectly vertical demand curve; no matter what the price is, the quantity demanded remains the same.
Very Inelastic
Describes a situation in which the demand for a product or service shows little to no response to changes in price.
Market Period
An extremely short duration in which the supply of a good is fixed, unable to adjust to changes in demand, typically because the period is so brief.
Productive Capacity
The maximum output a firm or economy can produce when using all available resources efficiently.
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