Economics · Elasticity of Demand
What characterizes a situation where the price elasticity of demand is exactly zero?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The demand curve is upward-sloping, indicating a positive relationship between price and quantity
- 2The demand curve is a rectangular hyperbola, signifying unitary elasticity
- 3The demand curve is vertical, indicating that quantity demanded remains constant regardless of price changes✓
- 4The demand curve is horizontal, indicating infinitely elastic demand
Correct answer
The demand curve is vertical, indicating that quantity demanded remains constant regardless of price changes
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