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Perfectly inelastic demand is an economic condition in which a change in the price of a product or a service has no impact on the quantity demanded or supplied because the elasticity of demand or supply is equal to zero
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What is meant by perfectly inelastic demand?
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What is meant by inelastic demand? Compare it with perfectly inelastic demand.
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Distinguish between: 1. Perfectly elastic demand and perfectly inelastic demand 2. Relatively elastic demand and relatively inelastic demand
