When elasticity is zero, the demand curve is
...When elasticity is zero, the demand curve is
Perfectly elastic
Perfectly Inelastic
Concave
Downward sloping
Circular
Correct answer is B
If the price elasticity of demand is zero, it means that the demand is independent of the price. No matter how the price changes, people buy the same quantity of the product. The demand curve of essential commodities like medicines has a slope that approaches zero. The demand curve will be perfectly inelastic.
Expenditure by foreign tourist in a country will be recorded as ...
One of the major criticisms of the 1992-1968 National development Plan was that ...
Balance of payments of a country explains the overall position of? ...
The unemployment associated with decrease in demand is referred to as ...
Division of labour may be restricted when ...
The petroleum industry in Nigeria is ...
The situation in which there is persistent fall in the general price level is referred to as ...