Question

A perfectly inelastic demand implies that buyers would increase their purchases by 10%when the price falls by 10%. purchase the same amount as before when the price rises by 10%. decrease their purchases by 100% when the price rises by 10%. increase their purchases by 100% when

Answer 1

purchase the same amount as before when the price rises by 10%.

Step-by-step explanation:

A perfectly inelastic demand curve is basically a straight vertical line. This means that the consumers are willing to purchase the goods or services no matter what their price is. In other words, they will keep buying them at any price, up to infinity and beyond. This is not a real scenario, because no product will be purchased at any price that the seller wants.