The demand curve will be more inelastic if the good is a necessity. All of the above are correct. the good is needed in a short time. the good has few substitutes.
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This means that even if the price of a necessity increases, consumers are likely to continue purchasing it, leading to a less responsive change in quantity demanded. Show more…
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If demand for a good is perfectly inelastic, then the demand curve is vertical. the demand curve is horizontal. the own price elasticity of demand is infinite in absolute value. a small increase in price will lead to a situation where none of the good is purchased.
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If demand for a good is perfectly inelastic, then choose one of following option a)the demand curve is vertical. b)the demand curve is horizontal. c)the own price elasticity of demand is infinite in absolute value. d) a small increase in price will lead to a situation where none of the good is purchased.
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