Perfectly inelastic demand, like that of medication, means that consumers A. will buy the same quantity, regardless of price. B. will buy a huge, almost infinite amount more, if the price falls just a little. C. decrease their consumption as price rises. D. are willing to buy any quantity of the good at a given price, but none at higher prices. iE. ncrease their consumption as price rises.

Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Answered: Perfectly inelastic demand, like that…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 10PA

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Perfectly inelastic demand, like that of medication, means that consumers

		A. will buy the same quantity, regardless of price.
		B. will buy a huge, almost infinite amount more, if the price falls just a little.
		C. decrease their consumption as price rises.
		D. are willing to buy any quantity of the good at a given price, but none at higher prices.
		iE. ncrease their consumption as price rises.

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