Ask Question
25 May, 22:47

When quanity demanded is completely responsive to price, what is the value of price

+4
Answers (1)
  1. 25 May, 23:33
    0
    The value of price will be exactly what demand is willing to pay, without possibility of change.

    Explanation:

    We call that a perfectly elastic demand. When we have that kind of price elasticity, any change in price upwards will affect the demand, making it fall to almost zero. On the opposite, if we have a change in price downwards, the demand will not increase. Bread, books, and pencils are good examples of that.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “When quanity demanded is completely responsive to price, what is the value of price ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers