{"id":48312,"date":"2024-04-15T22:39:25","date_gmt":"2024-04-15T22:39:25","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=48312"},"modified":"2024-04-15T22:39:25","modified_gmt":"2024-04-15T22:39:25","slug":"if-quantity-demanded-is-completely-unresponsive-to-changes-in-price-demand-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/if-quantity-demanded-is-completely-unresponsive-to-changes-in-price-demand-is\/","title":{"rendered":"If quantity demanded is completely unresponsive to changes in price, demand is"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Inelastic&#8221; option2=&#8221;Unit elastic&#8221; option3=&#8221;Elastic&#8221; option4=&#8221;Perfectly inelastic&#8221; correct=&#8221;option3&#8243;]<!--more--><\/p>\n<p>If quantity demanded is completely unresponsive to changes in price, demand is perfectly inelastic.<\/p>\n<p>Inelastic demand is a situation in which the quantity demanded of a good or service changes very little in response to a change in price. Unit elastic demand is a situation in which the quantity demanded of a good or service changes proportionally to a change in price. Elastic demand is a situation in which the quantity demanded of a good or service changes more than proportionally to a change in price.<\/p>\n<p>Perfectly inelastic demand is a situation in which the quantity demanded of a good or service does not change at all in response to a change in price. This is the most extreme form of inelastic demand.<\/p>\n<p>Here are some examples of perfectly inelastic demand:<\/p>\n<ul>\n<li>Essential goods, such as food and water. People will still need to buy these goods even if the price goes up.<\/li>\n<li>Goods with few substitutes. If there are no other goods that can be used in place of a good, then the demand for that good will be perfectly inelastic.<\/li>\n<li>Goods that are a small part of a person&#8217;s budget. If a good only makes up a small part of a person&#8217;s budget, then they may not be very sensitive to changes in price.<\/li>\n<\/ul>\n<p>Perfectly inelastic demand is rare, but it does exist. It is important to understand perfectly inelastic demand because it can have a significant impact on the economy. For example, if the demand for a good is perfectly inelastic, then a change in the price of that good will have a large impact on the total revenue that producers earn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Inelastic&#8221; option2=&#8221;Unit elastic&#8221; option3=&#8221;Elastic&#8221; option4=&#8221;Perfectly inelastic&#8221; correct=&#8221;option3&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-48312","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>If quantity demanded is completely unresponsive to changes in price, demand is<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/if-quantity-demanded-is-completely-unresponsive-to-changes-in-price-demand-is\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If quantity demanded is completely unresponsive to changes in price, demand is\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Inelastic&#8221; 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