Question

With _____________ demand the price changes, but the amount purchased remains the same.

Answer 1

With perfectly inelastic demand the price changes, but the amount purchased remains the same. Prices or quantities are fixed and are unaffected by the other variable when demand is perfectly inelastic. When a price change results in an exact proportional change in the quantity required, this is known as unitary demand.

When a buyer's desire for a product does not fluctuate as much as a product's price change, this is known as inelastic demand. Demand is said to be inelastic when the price rises by 20% while the fall in demand is just 1%.This problem frequently arises with common household goods and services.

People will continue to buy roughly the same amount of goods or services after a price increase since their needs remain the same. Similar circumstances apply when prices are reduced; demand won't rise significantly.

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