Question

If a good has zero substitutes and is considered to be an absolute necessity, we can assume that when there is a change in its price, the quantity demanded will be perfectly elastic

Name: if a good has zero substitutes and is considered to be an absolute necessity we can assume that when there is a change in its price the quantity demanded will be perfectly elastic 51909
Uploaded: 2019-10-10T00:39:42-08:00
Duration: 1 min 51 s
Channel: Daniel Cisneros
Description: if a good has zero substitutes and is considered to be an absolute necessity we can assume that when there is a change in its price the quantity demanded will be perfectly elastic 51909

          If a good has zero substitutes and is considered to be an absolute necessity, we can assume that when there is a change in its price, the quantity demanded will be perfectly elastic

Added by Juan Francisco C.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Daniel Cisneros

10/10/2019

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This implies that consumers have no choice but to continue purchasing the good regardless of its price. Show more…

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If a good has zero substitutes and is considered to be an absolute necessity, we can assume that when there is a change in its price, the quantity demanded will be perfectly elastic