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BasisPerfectly elastic demandPerfectly inelastic demand
MeaningA slight change in price causes an infinite change in quantity demanded.Quantity demanded does not change at all whatever the change in price.
CoefficientEd = \(\infty\)Ed = 0
Demand curveHorizontal straight line parallel to the X-axis.Vertical straight line parallel to the Y-axis.
Practical useImaginary; found under perfect competition (demand for a firm's product).Imaginary; nearest examples are essential goods like salt or life-saving drugs.
Doubtly AI · 29 Oct 2026 AI-verified · Nov 2026 Report
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