3 years ago

A perfectly inelastic demand implies that buyers

1 answer:

3 0

A perfectly inelastic demand implies that buyers purchase the same amount as before when the price rises or falls. Perfectly inelastic demand states that a consumer will still purchase a good or service regardless of a change in price. If there is a perfectly inelastic demand for an item, that means there is no substitute available for the item. If there is a substitute it will not be perfectly inelastic because someone could buy a different cheaper (cost) product in replacement.

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a) 60,000

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<h3>What are rumors?</h3>

Generally, rumor is simply defined as a tale or report that is now doing the rounds but whose veracity is questionable.

In conclusion, In certain cases, corporations use the power of rumors to promote a new product introduction.