Define perfectly elastic.

Understand the Problem

The question is asking for a definition of 'perfectly elastic,' which is a term often used in economics to describe a situation where the demand for a product changes infinitely with a small change in price. This concept highlights how sensitive consumers are to price changes in such scenarios.

Answer

The quantity demanded changes infinitely with even a minimal change in price.

Perfectly elastic demand occurs when the quantity demanded changes infinitely with even a minimal change in price.

Answer for screen readers

Perfectly elastic demand occurs when the quantity demanded changes infinitely with even a minimal change in price.

More Information

This concept is typically illustrated by a perfectly horizontal demand curve, showing that any increase in price will lead to zero demand.

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