If Demand Is Perfectly Inelastic, Then

question 37

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) None of the statements is correct.

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Definitions:

Citing Cases

The practice of referencing previous court decisions in legal arguments to support a current case's position or interpretation of the law.

Citator

A research tool that tracks the judicial history and subsequent treatment of legal cases, statutes, and regulations.

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Reference system in legal documents that provides multiple sources or reporters where a legal case can be found.

Court's Opinion

The official decision or interpretation made by a judge or court on the issues presented in a case.